Cattle Lower as COF Report Shows Plenty of Cattle

Live cattle futures are down 5 to 77.5 cents in most contracts on Monday. Feeder cattle futures are $1.825 to $2.325 lower at midday. Friday afternoon’s Cattle on Feed report indicated June 1 on feed numbers up 1.62% from last year at 11.74 million head. That was the largest June 1 inventory since 1996. May placements were down 2.8% yr/yr, with marketings up 0.68%. The Cold Storage report showed frozen beef stocks of 403.552 million lbs at the end of May, down 6.2% from April and an 8.69% drop from a year ago. The CME feeder cattle index was down $1.56 to $131.43 on June 20. Wholesale boxed beef prices were higher on Monday morning. Choice boxes were up 27 cents at $220.09 with Select boxes 79 cents higher @ $200.34. USDA estimated weekly FI cattle slaughter @ 662,000 head through last Saturday. That was 4,000 head larger than the same point last year and down 3,000 from the previous week.

Jun 19 Cattle are at $106.500, down $0.050,

Aug 19 Cattle are at $102.125, down $0.100,

Oct 19 Cattle are at $103.525, down $0.625,

Aug 19 Feeder Cattle are at $131.575, down $2.100

Sep 19 Feeder Cattle are at $132.125, down $1.925

Oct 19 Feeder Cattle are at $132.625, down $1.875

--provided by Brugler Marketing & Management

Market Commentary provided by:

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