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Transcript: 

Cattle futures saw selling pressure in Monday’s trade which has spilled into some follow-through weakness today.  At the close October live cattle were 52 cents lower, settling at 180.90.  Feeder cattle were also weaker today with the most actively traded October contract settling 1.67 lower to 251.22.  Both the weakness in live cattle and feeder cattle have done little to change the technical landscape as many chart readers see both markets as mostly rangebound. 

This morning’s wholesale boxed beef report was firm with choice cuts tacking on 94 cents to 302.43 and select cuts adding a dollar 97 to 276.98.  Yesterday’s 5-area average price for live steers was reported at 186.70.  Dressed steers were reported at 295.14, both were a hair softer than what we saw to end last week.  Daily slaughter was reported at 116,000 head that’s 8,000 head less than last week, but only 2,000 head less than the same day last year. 

Looking at the more macro landscape, some analysts are showing signs of concern that high prices could start to cure high prices, meaning the high prices may start to have a bigger impact on demand going forward.  Economic data will continue to be monitored closely as it could impact the federal reserves interest rate path.  The next big inflation related data point is CPI, which is the consumer price index, that will be released Thursday morning along with initial jobless claims.

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