Cattle Market Awaits Cash Direction After Board Bounce

Live cattle futures closed 50 cents to $1.025 higher yesterday. Feeder cattle futures were down 22.5 cents to $1.70 with pressure from double digit gains in corn. The CME feeder cattle index was up 65 cents to $132.91 on June 10. Wholesale boxed beef prices were mixed on Tuesday afternoon. Choice boxes were up 73 cents at $222.39 with Select boxes 54 cents lower @ $208.25. USDA estimated week to date FI cattle slaughter @ 243,000 head. That is 7,000 head larger than the same point last year and up 2,000 from last week. USDA trimmed projected 2019 beef production by 65 million pounds to 22.204 billion, with the reduction mainly in the fourth quarter.

--provided by Brugler Marketing & Management




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