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On Wednesday, live cattle futures declined by 10 to 67 cents, with June cattle in deliveries but none served yet, the oldest dated November 7, 2023. Cash trades reported bids as high as $188.50 in Texas, with a few sales at $186. In feeder cattle futures, prices fell 7 to 50 cents, with the CME Feeder Cattle Index rising to $253.74.
The USDA revised its 2024 projected beef production down by 5 million lbs to 26.595 billion lbs, while increasing the 2025 projection by 145 million lbs to 25.365 billion lbs. As of Wednesday, wholesale boxed beef prices decreased, with Choice boxes down 61 cents at $317.76 and Select down $1.69 at $298.93. The USDA estimated a daily FI slaughter of 123,000 head, totaling 367,000 for the week, which is 9,757 head lower than the same week last year.
June 24 Live Cattle closed at $183.650, August 24 Live Cattle at $178.325, and October 24 at $181.050. For feeder cattle, August 24 closed at $257.575, September 24 at $258.475, and October 24 at $258.850.
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