|Choice Fed Steers||Steady||110 - 111|
|As of 7/17/19||Top||112|
|Dressed Basis||Steady||182 - 185|
|As of 7/17/19||Top||188|
|Boxed Beef Cutout||-0.36||212.57
|Western Cornbelt||No Comp||71.66|
|Iowa Lean Average||+1.48||72.18|
|60-80 lb Feeder Lambs||(Billings, MT 7/15)||Steady to +5||161 - 169|
|80-100 lb Feeder Lambs||(Billings, MT 7/15)||Steady to +12||149 - 160|
|Sl. Ewes||(Billings, MT 7/15)||Steady to -2||35 - 44|
|60-80 lb Feeder Lambs||(Newell, SD 7/11)||Lower||146 - 150|
|80-100 lb Feeder Lambs||(Newell, SD 7/11)||Lower||144 - 152|
|Sl. Ewes||(Newell, SD 7/11)||Steady to +3||49 - 54|
|Finished Lambs||(Sioux Falls, SD 7/10)||Steady||145 - 155.50|
|80-100 lb Feeder Lambs||(Bowman, ND 7/1)||Steady||159 - 163|
|Sl. Ewes||(Bowman, ND 7/1)||Steady to -9||40.50 - 54|
Nearby lean hog contracts extended their rally late in Wednesday's session with gains of $2.95 in the August contract. Live cattle and feeder cattle, meanwhile, pulled back with modest losses.
Lower futures prices Wednesday, down $0.10 in the August live cattle contract, broke the short-term pattern of higher daily lows. Futures traders may be hesitating to extend the market's gains any further ahead of Friday's monthly Cattle on Feed report, which is expected to show the overall supply still growing but June placements and marketings lighter than last year (97%, the average amid a wide range of estimates). Also, the semi-annual Cattle Inventory report is expected to show a no-longer-expanding breeding herd and calf crop (the average of estimates is at 100%). Beef cutouts are lower, down $0.36 for choice at $212.57 and down $0.82 for select at $188.34, with light demand and heavy offerings.
THURSDAY'S CASH CATTLE CALL:
Steady to $1 higher.
Some asking prices remain firm at $114 live and $186 plus dressed, but sellers may become more accepting in an uncertain supply scenario.
Relatively calm outside markets allowed the feeder cattle futures market to concentrate on its own line of business -- namely, correcting the overheated gains from earlier this month. The nearby August contract closed the day down $0.475, and the October contract lost $1.10. CME cash feeder index for 7/16 is $141.01, down $0.15.