**Cattle Market Update – August 26, 2023**
Live cattle futures showed a recovery on August 25, concluding down 30 cents to $1.15 higher, with October futures gaining 95 cents over the week. Cash trade ranged from $355-360 dressed and $223-227. In feeder cattle futures, August fell by 55 cents while September dropped by $5.52 for the week, and the CME Feeder Cattle Index was down 85 cents to $341.00 as of August 20.
Additionally, President Trump announced that the U.S. will permit imports of up to 300,000 metric tons of ground beef without out-of-quota tariffs for 90 days. According to the USDA, July cattle placements dropped by 11.01% year-over-year to 1.422 million head, while marketings decreased by 7.38% to 1.62 million head. The August 1 cattle on feed inventory was up 1.79% to 11.117 million head.
In other market developments, wholesale boxed beef prices decreased, with Choice boxes down $4.24 to $385.69. The USDA estimated that this week’s federally inspected cattle slaughter reached 523,000, reflecting an increase of 6,000 from the previous week, though it stands 32,676 head lower than the same week last year.
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