Live cattle and feeder cattle futures rallied on Monday, with contracts closing up $1.07-$1.80 and $2.92-$3.50 respectively, and preliminary open interest up 2,007 contracts; the CME Feeder Cattle Index rose $1.83 to $301.13 on May 30. Cash trade saw limited activity, while boxed beef prices were mixed, with Choice boxes down $0.34 at $366.00/cwt and Select up $1.46 at $358.11/cwt; Monday's federally inspected cattle slaughter was 115,000 head, down 2,863 from last year's post-holiday week.
Live cattle futures demonstrated upward momentum on Monday, with contracts closing $1.07 to $1.80 higher and preliminary open interest increasing by 2,007 contracts, indicating heightened market activity. Feeder cattle futures mirrored this strength, rallying $2.92 to $3.50 per contract, further supported by a $1.83 rise in the CME Feeder Cattle Index to $301.13 on May 30. While cash cattle trade remained subdued early in the week, with last week's trades ranging from $221-$223 in the South to $234-$237 in the North, the OKC feeder cattle auction showed positive price movements, with steers $5 to $12 higher and heifers steady to $4 higher. Downstream, wholesale boxed beef prices were mixed; Choice boxes edged down $0.34 to $366.00/cwt, but Select boxes rose $1.46 to $358.11/cwt, resulting in a Choice/Select spread of $7.89. A key indicator of near-term supply, Monday's federally inspected cattle slaughter was 115,000 head, marking a reduction of 2,863 head from the comparable post-holiday week in the previous year, suggesting potentially tighter cattle availability.
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