Live cattle futures experienced significant declines on Wednesday, August 26, 2023, with contracts falling between $3.02 and $4.10, reaching new lows for 2026. Cash trade saw sales for a few cattle at $230-232, but the lack of volume prevented a market trend from forming. The Fed Cattle Exchange online auction reported no sales for 1,530 head, with bids ranging from $230 to $230.50.
Feeder cattle futures also suffered, closing down $7.92 to $9.72. Notably, the CME Feeder Cattle Index dropped $3.10 to $353.12 on July 20. In related market indicators, wholesale boxed beef prices fell, with Choice boxes down $3.41 at $363.50 and Select boxes declining by $3.66 to $350.57. The USDA reported a federally inspected cattle slaughter of 95,000 head on Wednesday, bringing the weekly total to 300,000, which is a decrease of 24,000 from the previous week and 35,209 below the same week last year.
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