Cattle futures nosedived—limit down near limit down in most Feeder Cattle contracts—on Monday in response to the bearish placement numbers in Friday’s Cattle on Feed report. As mentioned in yesterday’s Cattle Current, that report showed August placements 2.6% more than a year earlier at 1.93 million head, better than 5% more than estimates.
Live Cattle futures closed $2.80 lower ($1.85 to $3.00 lower).
Feeder Cattle futures closed an average of $4.13 lower ($2.92 to $4.50 lower).
Live sales ended last week $2.00-$3.50 higher at $108.00-$109.50/cwt. Dressed trade was $2-$7 higher at $170-$172.
Choice boxed beef cutout value was $2.36 higher Monday afternoon at $193.96/cwt. Select was $2.16 higher at $190.89.
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