Cattle Bulls Push Back Higher

Live cattle futures posted gains of 85 cents to $1.72 across the board on Tuesday. Cash trade was at $232-233 last week, with a few at $235. Trade has been quiet so far despite early bids near $233 on Monday. Feeder cattle futures were back up 35 cents to $3.60 at the close.  The CME Feeder Cattle Index was back up $2.24 on August 3 to $349.13. The Monday OKC feeder cattle auction showed 2,662 head sold, with prices listed $5-10 higher on steers and +$5-15 on heifers. Calves were steady on steers, with heifer calves up $10-15.

NASS Crop Progress data showed the US pasture rating at 25% gd/ex, dropping 4% from the week prior. The Brugler500 index fell 11 points to 259.

Census data converted to a carcass basis shows beef exports in June at 199 million lbs, the lowest June total since 2020 but a 3-month high.

Wholesale Boxed Beef prices were higher in the Tuesday afternoon morning report. Choice boxes were up $2.92 at $369.65, with Select $2.05 higher to $346.50. USDA’s Federally inspected cattle slaughter for Tuesday was estimated at 110,000 head, with the week to date total at 200,000 head. That is up 2,000 head from the previous week but 17,685 head below the same week last year.

Aug 26 Live Cattle  closed at $231.950, up $0.850,

Oct 26 Live Cattle  closed at $227.900, up $1.175,

Dec 26 Live Cattle  closed at $227.275, up $1.050,

Aug 26 Feeder Cattle  closed at $351.200, up $3.375,

Sep 26 Feeder Cattle  closed at $346.150, up $3.600,

Oct 26 Feeder Cattle  closed at $337.150, up $3.450,

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