Live cattle put on continued strength on Wednesday ahead of the Thursday Holiday, as contracts were up anywhere from a nickel in the deferreds to $1.20 in some of the fall months.  Wednesday’s online Fed Cattle Exchange from Central Stockyards showed sales of 120 head @ $195 in IA using their BidTheGrid™ method. Cash action has been light so far this week, with not much action reported ahead of the holiday. Last week saw sales of $198 and a few up to $200 in the north and $190 in the south. Feeder cattle closed the Wednesday session with contracts up $1.50 to $2.27. The CME Feeder Cattle Index was back down $1.14 on July 2 at $256.44. The CME will be closed on Thursday for Independence Day, with a regular open on Friday.

Beef exports in May were pegged at 258.93 million lbs by converting Census data to a carcass equivalent basis. That is a 4-year low and down 0.2% from April. 

USDA wholesale Boxed Beef prices were back lower in the Wednesday afternoon report. Choice boxes were down 55 cents to $329.84/cwt, with Select $2.10 lower at $304.38. The Chc/Select spread widened to $25.46. USDA estimated Wednesday’s FI slaughter at 120,000 head, taking the WTD total to 353,000 head. That is even with the previous week despite the Cargill disruption and well above the same week last year due to the holiday falling on Tuesday.

Aug 24 Live Cattle  closed at $185.925, up $0.825,

Oct 24 Live Cattle  closed at $186.850, up $1.200,

Dec 24 Live Cattle  closed at $188.850, up $1.200,

Aug 24 Feeder Cattle  closed at $263.375, up $2.275,

Sep 24 Feeder Cattle  closed at $263.625, up $2.300,

Oct 24 Feeder Cattle  closed at $263.525, up $2.075,