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Live cattle markets saw gains of $1 to $1.50 following a Cattle on Feed report. As of August 23, the CME Feeder Cattle Index rose to $242.83. Last week, cash trade prices ranged from $182-185 in the south to $184-188 in the north, with no deliveries against August futures ahead of Friday’s expiration.
The USDA reported that July placements reached 1.702 million head, a 5.85% increase compared to the previous year. The on-feed inventory as of August 1 was 11.095 million head, up 0.28%. As of July 31, cold storage showed 407.13 million lbs of beef, marking a 0.81% decrease from last year.
On the trading close, August Live Cattle was up $1.025 at $183.600, while August Feeder Cattle increased by $1.925 to $244.500. Monday’s inspected cattle slaughter was estimated at 116,000 head, down 1,000 from the previous week and 9,036 from the same Monday last year.
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