Beef Fading through Midday

Live cattle futures are working triple digits in the red for the Thursday session. The Feb contract is now back to net red for the week. Front month feeder cattle futures are trading $2.40 to $2.72 in the red. That has Jan feeders sitting at a weekly loss of 12 cents. USDA reported some light $175 cash trade in NE on Wednesday, down $1 from last week and matching the sparse KS and TX business so far this week. The CME Feeder Cattle Index dropped a sharp $4.71 to $222.25 on 11/28. 

The weekly Export Sales report showed 6.3k MT of beef was booked during the week, which was a 6-wk low. The report had 12.8k MT shipped which brought the season total to 728k MT. That is 15% behind the same week last year. 

USDA had Wholesale Boxed Beef prices listed 92c higher in Choice and $3.20 stronger in Select from the AM report. The week to date FI cattle slaughter was 373,000 head through Wednesday. That trails last week’s pace by 5k head and the same week last year by 8k. 

Dec 23 Cattle  are at $170.375, down $1.525,

Feb 24 Cattle  are at $171.375, down $2.100,

April 24 Cattle  are at $173.775, down $2.150,

Cash Cattle Index was $177.000, from $- last week

Jan 24 Feeder Cattle  are at $219.650, down $2.550

Mar 24 Feeder Cattle  are at $222.000, down $2.275

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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