Cattle Closed Higher for Turnaround Tuesday
Cattle rally with 52 to 92 cent gains after off the lows on Monday. The feeder cattle futures led the way with over 1% gains of as much $2.45. USDA confirmed Friday cash sales near $172-$173. USDA reported 6 thousand head were sold in the OKC auction, including 63% steers and 37% heifers, and with 66% being below 600#s. The 1/19 CME Feeder Cattle Index was $1.25 firmer to $228.51.
China’s National Bureau of Statistics had 2023 beef production at 7.53 MMT, up by 4.8%.
USDA’s Wholesale Boxed Beef prices were $2.99 stronger with in Choice and $1.80 higher in Select. Federally inspected cattle slaughter was listed as 111k head for a weekly total of 240k head. That compares to 29k head during the same week last year.
Feb 24 Cattle closed at $174.650, up $0.875,
Apr 24 Cattle closed at $177.825, up $0.925,
Jun 24 Cattle closed at $174.950, up $0.675,
Jan 24 Feeder Cattle closed at $231.000, up $1.175
Mar 24 Feeder Cattle closed at $233.650, up $2.375
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.
