On Tuesday, live cattle futures declined by 72 cents to $2.65 across most contracts, while feeder cattle futures fell by $4.70 to $5.65. Cash trade was reported at $218, down $7-8 from last week, with dressed sales in the north at $345. The CME Feeder Cattle Index also dropped by $3.01 to $335.46 on August 24, reflecting a tough market environment.
USDA’s NASS Crop Progress data indicated a pasture rating of 21% good/excellent, down 2% from the prior week. At Monday’s OKC feeder cattle auction, 3,324 head were sold, with steers down $4-10 and some heifers seeing declines of $2-8. Additionally, USDA plans to open a second port for Mexican cattle imports within 30 days.
Wholesale boxed beef prices increased on Tuesday, with Choice boxes rising by $2.84 to $388.53 and Select boxes gaining $3.96 to $368.98. The estimated federally inspected cattle slaughter was 107,000 head on Tuesday, bringing the weekly total to 205,000, which is 2,000 head above last week but 22,076 head less than the same week last year.
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