Cattle markets were slow to inactive for the week with fed cattle prices not well establish. A few cattle sold in the South at $185 per cwt., $1 lower than last week.
Feeder cattle sold steady to $3 lower and calves sold mixed at $3 lower to $2 higher. Market cows sold $1 lower to $4 higher.
Wholesale beef prices closed the week mixed. Choice boxed beef closed Friday at $316.75 per cwt., up $4.55 for the week. Select boxed beef closed at $301.14 per cwt., down 57 cents for the week.
Estimated weekly cattle slaughter was 614,000 head, down 2,547 head from last year. The year-to-date total is estimated at 13.740 million head, down .4% from last year.
At the CME, August live cattle futures fell 30 cents to $177.175, near mid-range and posted a three-week low close. For the week, August live cattle fell $1.275. August feeder cattle futures rose $2.075 at $254.925 and nearer the daily high. On the week, August feeders fell $1.475.
Today’s technically bearish weekly low close in August live cattle futures sets the market up for follow-through chart-based selling early next week. Feeder cattle futures saw short covering today and were supported by lower corn futures prices.
