Live Cattle Feb '18 (LEG18)

Live cattle futures rounded out the Monday session with contracts closing $1.75 to $2.35 higher. Cash trade was slow last week, with the South kicking things off at $181, down $2 on the week. Northern sales were light with $180-183 reported last week by the USDA. Feeder cattle futures were up $3.42 to $3.80 at the close. The CME Feeder Cattle Index was up $1.74 at $243.92 on September 6.  The weekly OKC Feeder Cattle Auction on Monday is estimated to have 10,500 head for sale, well above the previous sale and comparable with a year ago. Feeder steers were down $1-5, with steer and heifer calves down $5-10.

USDA wholesale Boxed Beef prices were mixed in the Monday PM report. Choice boxes were down 20 cents @ $3098.52, with Select $2.37 higher at $298.49. The Chc/Select spread narrowed to $10.03. USDA estimated Monday’s federally inspected cattle slaughter at 114,000 head. That is well above the previous week due to the holiday but 7,407 head below the same week last year.