Cattle Lower on Wednesday, Despite Wholesale Strength

Live cattle futures were down 70 cents to $1.075 on Wednesday. Feeder cattle futures were down 15 to 72.5 cents in the front months and slightly higher in deferred contracts. The CME feeder cattle index was down 16 cents to $133.05 on June 18. Wholesale boxed beef prices were higher on Wednesday afternoon. Choice boxes were up $1.06 at $221.59 with Select boxes 44 cents higher @ $202.24. USDA estimated the week to date FI cattle slaughter @ 361,000 head. That was 9,000 head larger than the same point last year and down 3,000 from last week. A few scattered bids of $109 have been reported so far this week but no trade to report. Wednesday’s FCE online auction saw no sales on the 315 head offered. Friday’s Cattle on Feed report is expected to show June 1 on feed numbers up 1.3% from last year. May placements are seen down 4.1%, with marketings up 0.8%.

--provided by Brugler Marketing & Management




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