The front month cattle futures closed $0.47 to $1.15 higher on the day. Feeder cattle futures also rallied triple digits on Tuesday with gains of as much as 0.84%. The CME Feeder Cattle index was back down by 28 cents to $142.33. USDA reported Tuesday sales in KS and WCB at $103 and $103-$105 respectively. Northern dressed bids were $163-$165 with no sales confirmed. Asking prices have been around $168. The FCE online cattle auction has 890 head listed for this morning’s sale. Wholesale boxed beef prices were higher on Tuesday, tightening the Chc/Sel spread to $13.06. Choice boxes were up 88 cents to $208.08 cwt. while Select boxes strengthened by $1.09. USDA’s estimate for Tuesday’s cattle slaughter was 117,000 head. WTD slaughter under federal inspection is at 230,000 head after a Monday revision lower. With 230,000 head through Tuesday, the week’s pace is 1,000 head above last week, but trailing the same week last year by 2,000 head.
--- provided by Brugler Marketing & Management