Live cattle and feeder cattle futures saw gains on Monday, with front-month live cattle up $0.35 to $0.70 and feeder cattle futures increasing $1.47 to $1.57. Cash cattle trade last week ranged from $225-232 in the South and $240-244 in the North, while boxed beef prices rose, narrowing the Choice/Select spread to $8.32. Monday's estimated federally inspected cattle slaughter was 115,000 head, even with last week but down 7,172 from last year.
The cattle market complex exhibited broad strength on Monday, with live cattle futures for front months posting gains ranging from 35 to 70 cents; for instance, June 25 live cattle settled at $227.000, up $0.700. This futures market buoyancy was underpinned by robust cash cattle trading in the prior week, which saw prices reach $225-$232 in the South and as high as $244 in Northern regions. Feeder cattle futures experienced even more significant advances, climbing $1.47 to $1.57, exemplified by the August 25 contract closing at $311.650, up $1.500. The CME Feeder Cattle Index further reflected this strength, rising $4.30 on June 6 to $310.46, and Monday's OKC feeder cattle auction reported prices $5-10 higher with 4,293 head sold. Concurrently, wholesale boxed beef prices advanced, with Choice boxes increasing $2.17 to $367.25 and Select up $2.20 to $358.93, thereby narrowing the Choice/Select spread to $8.32. A critical supply-side indicator, Monday's federally inspected cattle slaughter was estimated at 115,000 head, consistent with the previous week but notably 7,172 head below the corresponding week last year, suggesting tighter cattle availability.
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