Live cattle futures experienced losses of $1.20 to $2 as of midday Wednesday. The cash trade remains inactive this week, following last week’s prices of $232-233 per hundredweight. The Fed Cattle Exchange’s online auction reported no sales or bids on the 974 head offered. Feeder cattle futures also fell, declining between $2.50 and $2.90.
In the USDA’s Wednesday report, wholesale boxed beef prices saw an increase, with Choice boxes rising $1.34 to $359.33 and Select boxes up 33 cents to $357.51, widening the Chc/Sel spread to $1.82. Federal cattle slaughter on Tuesday was estimated at 118,000 head, bringing the week-to-date total to 232,000, which is 1,000 head below last week and 8,688 behind the same week last year.
