Live cattle closed the Monday session with contracts down 15 to 87 cents across most contracts, as June was the lone higher contract, up 15 cents. Cash trade was slow to develop last week, with sales of $184 in the South and a few trades in the North in a range of $186-188. Feeders were down $1.55 to $1.90 on the Monday session, as strength in the corn market put some pressure on things. The CME Feeder Cattle index was down another $2.34 on May 3 to $240.05.

Initial pasture ratings from USDA in this afternoon’s Crop Progress report showed US pasture ratings at 46% gd/ex. That translates to a score of 319 on the Brugler500 index (accounting for all 5 categories), which is the best start in 3 years and 32 points improved from last year. A weighted average of the major beef cow inventory states shows a 303 index rating, 26 points improved from last year and a 3-year high to start. 

USDA’s Wholesale Boxed Beef prices shot higher in the Monday afternoon report. Choice boxes were up $4.56 at $298.76, with Select $2.10 higher to $289.75. That raised the Chc/Sel spread to $9.01. USDA estimated Monday’s federally inspected cattle slaughter at 120,000 head. That is 7,000 head above last week and down 4,823 head from the same Monday last year.

Jun 24 Live Cattle  closed at $176.975, up $0.300,

Aug 24 Live Cattle  closed at $174.425, down $0.150,

Oct 24 Live Cattle  closed at $177.875, down $0.175,

May 24 Feeder Cattle  closed at $241.400, down $1.900,

Aug 24 Feeder Cattle  closed at $252.875, down $1.875,

Sep 24 Feeder Cattle  closed at $253.875, down $1.900,