Cattle Bulls Pushing Higher at Tuesday’s Midday
Live cattle futures are trading with contracts up 32 cents to $1.32 at midday. Cash trade has been quiet so far this week following last week’s $225-228 action. Feeder cattle futures are up 32 cents to $2.42 so far. The CME Feeder Cattle Index was back down $4.07 on August 14 to $344.43. The Monday OKC feeder cattle auction saw 2,921 head sold, with feeders down $5-15 and calves down $10 to 20.
NASS Crop Progress data showed the US pasture rating at 23% gd/ex, down 2 with the week prior. The Brugler500 index fell 3 points to 256.
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Workers at the Fort Morgan, CO Cargill slaughter facility voted to end a labor dispute that has left the plant down since May after a lockout was initiated. Slaughter is expected to resume on September 7.
Wholesale Boxed Beef prices were higher in the Tuesday morning report, widening the Chc/Sel spread back out to $22.81. Choice boxes were up $10.04 at $389.61, with Select up $2.54 to $366.80. USDA’s Federally inspected cattle slaughter for Monday was estimated at 97,000 head. That is up 1,000 head from the previous week and 2,983 head below the same week last year.
Aug 26 Live Cattle are at $224.875, up $0.325,
Oct 26 Live Cattle are at $219.450, up $0.675,
Dec 26 Live Cattle are at $219.725, up $1.325,
Aug 26 Feeder Cattle are at $340.300, up $0.325
Sep 26 Feeder Cattle are at $334.825, up $1.875
Oct 26 Feeder Cattle are at $327.775, up $2.425
On the date of publication, Austin Schroeder 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.
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