Cattle Lower on With Traders Squaring Up Prior to Fridays Reports

Live cattle futures are down 15 to 65 cents in most contracts at midday. Feeder cattle futures are down 50 cents to $1.325. Analysts are expecting July 1 cattle on feed to be shown 1.8% above the same time last year in this Friday’s report. Placements are seen at 2.1% lower during June, with marketings down 3%. The biannual Cattle Inventory will also be released that afternoon. The CME feeder cattle index was up 70 cents @ $141.16 on July 15. Wholesale boxed beef prices were lower on Wednesday morning. Choice boxes were down 49 cents at $212.44 with Select boxes a 79 cents lower @ $188.37. USDA estimated week to date FI cattle slaughter at 238,000 head through Tuesday. That was 3,000 head below the previous week but 2,000 larger than the same week last year. Wednesday’s FCE online auction showed sales of $111 on all 326 head offered from NE, KS, and TX. Bids of $112 live and $180-181 have been reported in the North so far on Wednesday, with asks of $114 and $186.

AUG 19 Cattle are at $108.075, down $0.150,

OCT 19 Cattle are at $108.650, down $0.600,

DEC 19 Cattle are at $113.175, down $0.550,

AUG 19 Feeder Cattle are at $140.550, down $0.500

SEP 19 Feeder Cattle are at $140.775, down $1.100

OCT 19 Feeder Cattle are at $141.000, down $1.225

--provided by Brugler Marketing & Management




Market Commentary provided by:

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