Feedlot country was quiet on Monday afternoon following the distribution of the new showlists. The late July offering appears to be somewhat larger than last week. Although asking prices are not well defined, a few producers have priced cattle around 168.00 to 170.00 in the South and 255.00 to 270.00 in the North. The slaughter totaled 111,000 head, 4,000 below last week, and 7,000 smaller than a year ago.
Boxed beef cutout values were higher on moderate demand and light offerings. Choice beef was up 1.92 at 259.30, and select cuts were 1.84 higher at 256.17.
Chicago Mercantile Exchange live cattle contracts were 1.70 higher to 72 lower. The nearby contracts opened significantly higher but quickly attracted long liquidation and speculative selling. The trade remained volatile through much of the session. Perhaps not surprising given the thin air that typically accompanies record prices according to John Harrington at DTN. Floor talk is blaming nervous ties to wholesale beef demand. Can it be sustained at current levels? August settled .05 lower at 159.05, and October was down .72 at 159.07.