Cattle Still Seeking Bottom in Plunging Beef Market

Front month live cattle futures had 22 to 85 cent losses yesterday. Feeder cattle futures closed with 42 to 87 cent losses in the front months. The July 6 Feeder Cattle index was $130.13. Cash cattle sales on Wednesday were mostly at $95, with limited IA and CO activity @ $99-$100. USDA confirmed cash sales this week are mostly $95 so far, with the full range $90-$101.50. Wholesale boxed beef prices were lower in the PM update. USDA reported Choice boxes at $203.83, a $1.47 drop. Select boxes were $195.52 cwt, down by $1.32. The week’s cattle slaughter is 354,000 head through Wednesday. That trails last week by 9,000 head and is 3k head below the same week last year.

--- provided by Brugler Marketing & Management

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