Cattle Markets Seeking Demand With Price Discount

Live cattle futures settled with $1.20 to $1.425 losses in the front months yesterday. Feeder cattle futures were also $1.325 to $1.60 lower in the nearby contracts on Wednesday. The CME feeder cattle index was up 7 cents @ $142.15 on July 30. Wholesale boxed beef prices were lower on Wednesday afternoon. Choice boxes were down 49 cents per cwt at $213.54, with Select boxes $1.44 lower @ $189.69. USDA estimated week to date FI cattle slaughter at 356,000 head, which is down 2,000 from the previous week and 3,000 head larger than the same week last year. The weekly FCE online auction had sales at $111 on 133 of the 475 head offered. A few sales of $111 have been reported outside of FCE, with $185 reported in the north by USDA.

--provided by Brugler Marketing & Management

Market Commentary provided by:

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