On Monday, live cattle futures gained between 45 and 95 cents, with August contracts closing up $1.50 at $220.75. Last week’s cash trade for cattle ranged from $220 to $222 per hundredweight. Feeder cattle futures also saw increases, with most contracts up 50 to 60 cents. The CME Feeder Cattle Index decreased by $3.49 to $329.31 on August 28. In the OKC feeder cattle auction, 3,589 head were sold, with feeder steers steady and heifers down $5. Calves experienced a drop of $8-15.
According to Monday’s Crop Progress report, U.S. pasture conditions were rated at 18% good to excellent, a decrease of 3% from the previous week. The Brugler500 index also fell 7 points to 245. Wholesale Boxed Beef prices declined, with Choice boxes down 41 cents to $375.82 and Select boxes down $2.59 to $358.49. The estimated federally inspected cattle slaughter for Monday was 104,000 head, up 6,000 from the previous week and significantly higher than the same Monday last year.
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