Live Cattle futures are trading with losses of 70 cents to $1.05. Cash trade has pulled back last week with $236 ($376 dressed) reported in the north, down $4-6 and $228-231 in the south, $5 lower. Feeder cattle futures are up 20 to 50 cents so far on Monday. The CME Feeder Cattle Index was down $1.63 @ $310.99. The weekly OKC feeder cattle auction showed an estimated 5,200 head for sale.

USDA reported the number of cattle on feed June 1 in the 1000+ head lots was 98.78% of year ago, i.e. down 1.2%. May placements of 1.886 million head were down 7.8%, more than expected.  However, marketings were down 10.08% and that kept the total feedlot number supported. 

National Wholesale Boxed Beef prices were mixed on Monday morning. Choice boxes were down $1.63 to $388.87, while Select was quoted $3.90 higher at $380.85/cwt. USDA’s Federally inspected cattle slaughter for Friday was estimated at 102,000 head, with the weekly total at 553,000. That is 3,000 head below the week prior and 41,481 head below the same week last year. Saturday harvest is expected to only be around 1,000 head. Slaughter YTD is down 6.4% from year ago. 

Jun 25 Live Cattle  are at $221.975, down $1.050,

Aug 25 Live Cattle  are at $208.875, down $0.950,

Oct 25 Live Cattle  are at $206.650, down $0.700,

Aug 25 Feeder Cattle  are at $302.650, up $0.200

Sep 25 Feeder Cattle  are at $302.600, up $0.375

Oct 25 Feeder Cattle  are at $300.850, up $0.500