Cattle Soften Along With Boxed Beef Prices

Front month live cattle futures were down 35 to 95 cents yesterday. October closed at $108.37 ~ 37 cents premium to the cash market with 12 trading days left. Deliveries against October fats are 9 so far. Front month feeder cattle futures closed the session 50 to 90 cents lower, save for a 25 cent gain in October, working on cash convergence. The October 13 Feeder Cattle Index from CME was back up 21 cents to $140.92. The FCE weekly online cattle auction sold 671 of the 774 head listed mostly at $108 and $108.25. Wednesday sales outside of the FCE were reported at $107-$109, with the majority at $108. Dressed deals WTD have been light, but mostly at $169. Wholesale boxed beef prices were lower on Wednesday, tightening the spread to $11.87. Choice boxes were down by $1.30 and Select boxes were 87 cents lower. USDA estimates WTD cattle slaughter through Wednesday at 356k head. That is up 1,000 wk/wk and 5k above last year.

--- provided by Brugler Marketing & Management

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