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Live cattle and feeder cattle futures were limit up on Monday following a bull friendly Cattle on Feed report. The CME Feeder Cattle Index for 7/22 was 7 cents lower to $139.15 but of course did not include transactions from after the COF report. Cash cattle trade recorded a few dressed sales at $183 on Monday. The average price of choice boxed beef was $1.50 lower on Monday to $198.59, and select prices were down 13 cents to $189.44. Beef production last week reached 484.6 million pounds, slightly lower than the previous week, but 10% larger than the same week in 2015. FI slaughter on Monday was estimated at 113,000 head, up 3,000 head from last Monday. According to the USDA Crop Progress report last night, 53% of the national pastures are in good to excellent condition, down 3 points from the previous week as high temperatures took a toll.