Live cattle futures were down 20 to 55 cents in most contracts on Tuesday. Open interest continues to roll out of the June and into the August contract. Overall there was net new selling of 2,951 contracts. Feeder cattle futures felt some pressure from higher corn, down 60 cents to $1.175, as May was up 95 cents. The CME feeder cattle index was down 32 cents to $135.07 on May 13. Wholesale boxed beef prices were mixed on Tuesday afternoon. Choice boxes were down $1.46 at $220.12 with Select boxes 8 cents higher @ $208.97. USDA estimated weekly FI cattle slaughter at 242,000 head through Tuesday. That was up 2,000 head from the previous week and 5,000 above the same week last year. Wednesday’s FCE online auction shows a total of 376 head of cattle offered for sale on the platform.
--provided by Brugler Marketing & Management