Livestock markets saw a firm session as Live Cattle, Feeder Cattle, and Lean Hog futures all closed with gains. June Live Cattle and April Feeder Cattle futures led the strength, supported by a continuing firm trend in wholesale boxed beef prices. Choice and Select cuts both moved higher this morning, while cash steer prices remained steady.
Slaughter data showed a decrease in volume compared to both last week and last year, with daily slaughter reported at 98,000 head. Traders are now looking ahead to Friday's monthly Cattle on Feed report. Analyst estimates suggest a slight year-over-year decrease in total cattle on feed, with placements expected to remain nearly flat and marketings projected to be lower at 92.6%.