Live cattle futures experienced increases on June 26, closing up between 72 cents and $2.17, although most contracts were nearly $2 off their intraday highs. Cash trade prices last week ranged from $258 to $260. In contrast, feeder cattle futures declined, closing $2.77 to $4.35 lower, with the CME Feeder Cattle Index at $370.56.
The USDA’s Cattle on Feed report indicated a 9.7% year-over-year decrease in May placements, slightly more than the expected 5.5% drop. Marketings fell by 11.77% to 1.551 million head, while the June 1 on-feed inventory saw a 2.09% increase from the previous year, totaling 11.682 million head. Meanwhile, the wholesale boxed beef prices rose, with Choice boxes at $396.06, up $1.69, and Select boxes at $375.59, up $3.51.
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