Live cattle contracts are experiencing a decline of 20 to 75 cents ahead of a day off on Wednesday, with cash trade activity remaining quiet. Last week saw strong sales in Kansas at $186 and Nebraska hitting a record $195-$198, according to USDA reports. Feeder cattle futures closed down $1.25 to $1.52 on Tuesday.
The USDA is set to release an updated Cattle on Feed report this Friday, with expectations for May placements to decrease by 1.5% from last year. The predictions vary, however, estimating a potential drop of 5% or an increase of up to 2.4%. June 1 Cattle on Feed numbers are projected to be down 1% year-over-year.
On the wholesale market, Boxed Beef prices were mixed; Choice boxes rose by 5 cents to $320.52/cwt, while Select fell by 61 cents to $304.21. The USDA reported Tuesday’s FI slaughter at 123,000 head, bringing the weekly total to 239,000, a decrease of 5,000 head from the previous week and 12,443 head less than the same week last year.
