Cash Cattle Lower, Wholesale Beef Higher, COF Down 2%

Fed cattle traded softer in all regions this week. Trade in the North was called moderate to active at $185 to $187 per cwt. live and mostly $292 to $295 per cwt. dressed, $1 to $3 lower than the previous week. Cattle in the South traded at $179 per cwt., $1 lower than last week.

Feeder cattle sold steady to $4 higher while calves uneven from $2 lower to $4 higher.

Wholesale beef prices moved higher. Choice box beef closed Friday at $316.11 per cwt., up $13.50 from the previous week. Select boxed beef closed Friday at $288.36 per cwt., down $11.13 from the previous week.

Expiring August live cattle futures rose 47.5 cents to $178.525 Friday, while most-active October rose 50 cents to $178.825. That closing price marked a weekly decline of $2.50. Expiring August feeder futures surged $1.30 to $245.575, with the October contract gaining $1.37.5 to $250.70. The latter close represented a weekly loss of $2.175.

Cattle On Feed

Cattle on feed in feedlots with 1,000 head or more totaled 11.0 million head on August 1, a decrease of 2.3% from August of last year. Placements during July totaled 1.62 million head, 8% below last year. Marketings of fed cattle during July totaled 1.73 million head, 5% below 2022.

Traders see the report as modestly bullish as placements were smaller than pre-report estimates of 94.5%.