Cattle futures lower waiting on direct business

Published Jun 19, 2024

Tridge summary

At the Chicago Mercantile Exchange, live and feeder cattle futures declined due to anticipated direct business and on feed numbers, with feeder cattle also pressured by rising corn prices. Direct cash cattle trade remained quiet, with asking prices around $189 live in the South. The Callaway Livestock Market saw steady to lower prices for steer calves and mixed prices for feeder heifers. Boxed beef prices were mixed, and estimated cattle slaughter decreased year-over-year. Lean hog futures mostly rose on oversold signals and demand optimism, while cash hogs closed higher as processors ramped up procurement. Pork values fell with mixed performance across cuts, and estimated hog slaughter increased year-over-year.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the Chicago Mercantile Exchange, live and feeder cattle were lower ahead of the week’s direct business and Friday’s on feed numbers. Feeders had additional pressure from the higher move in corn. August live cattle closed $.70 lower at $182.10 and October live cattle closed $.75 lower at $183.87. August feeder cattle closed $1.37 lower at $259.95 and September feeders closed $1.45 lower at $261.12. Direct cash cattle trade activity was quiet Tuesday. Bids did not surface. Asking prices started out around $189 live in the South, while the North remained quiet. With Friday’s Cattle on Feed report, it’s very likely significant trade volume will hold out until sometime Thursday or Friday. At the Callaway Livestock Market in Missouri, steer calves 400 to 600 pounds were steady while 600 to 650 pounds steers were $5 to $8 lower. Two pot loads of 668 and 677 pounds steers were steady and yearling steers over 700 pounds were not well tested. Feeder heifers 400 to 500 pounds were ...
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