Live cattle futures are trading with 65 cent to $1.65 gains at midday. Open interest suggested a rotation of ownership, up just 1,427 contracts. Cash trade was mostly $260-265 in the South last week, with northern trade at $408-415 dressed and up to $265 live. Feeder cattle futures are in rally mode on Tuesday, up $4 to $4.40 at midday, with front month May up 92 cents. The CME Feeder Cattle Index was down $2.46 to $367.63 on May 15.
The Monday Crop Progress report showed US pasture ratings at 28% in good/excellent category, down 3% from last week. The inclusive Brugler500 index was down 8 points (100-500 point scale) to 267.
Wholesale Boxed Beef prices were higher in the Tuesday morning report, with the Chc/Sel spread at $1.87. Choice boxes were up $3.61 to $395.75, while Select was 98 cents higher at $393.88. USDA estimated federally inspected cattle slaughter for Monday at 106,000 head. That was up 4,000 head from the Monday prior but 8,055 head below the same Monday last year.
Jun 26 Live Cattle are at $255.025, up $1.650,
Aug 26 Live Cattle are at $247.800, up $0.650,
Oct 26 Live Cattle are at $239.825, up $0.875,
May 26 Feeder Cattle are at $369.725, up $0.925
Aug 26 Feeder Cattle are at $363.225, up $4.375
Sep 26 Feeder Cattle are at $360.475, up $4.275
