Live cattle futures were up $1.05 to $1.97 on Tuesday. Nearby August is at a discount to last week’s cash, but doesn’t need to converge for a while. Feeder cattle futures got help from both the higher fats and losses in corn, with FC contracts $2.65 to $4.37 to the plus side. The CME feeder cattle index was up $1.07 @ $135.44 on July 8. Wholesale boxed beef prices were sharply lower on Tuesday. Choice boxes were down $2.73 at $214.73 with Select boxes $2.32 lower @ $192.09. USDA estimated week to date FI cattle slaughter at 241,000 head. That was 2000 below last week and 3,000 head above the same week last year.
--provided by Brugler Marketing & Management