Cattle Market Higher After Week Long Rise in Beef

Live cattle futures were 27 to 177 higher on Tuesday. Preliminary open interest rose in the December and later contracts. Feeder cattle futures were 45 to 90 cents higher on Tuesday and are getting closer to the Index. The CME Feeder Cattle Index was higher by $.91 on August 19 at $137.24. August futures expire on 8/29. Wholesale boxed beef prices were mixed on Tuesday afternoon. Choice boxes were up $2.57 at $241.70, with Select boxes 25 cents lower @ $214.27. Trade ideas ahead of the Friday COF report put Cattle on Feed @ 100.8% compared to last August 1. July marketing are seen at 106.4% of last July, with placements up 0.1%. The USDA estimated the week to date FI cattle slaughter thru Tuesday was 231,000 head, the same as the previous week, and 4,000 head below the same week last year.

-- provided by Brugler Marketing & Management

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