Cattle Continue Weakness on Wednesday as Beef Fails to Find Its Footing
Live cattle futures closed with $1.30 to $2.82 losses on Wednesday. Cash trade started to pick up this week, with a few light northern sales of $378-380 dressed and live action reported at $235-240 by USDA. Feeder cattle futures were down anywhere from 47 cents to $2.80 across most contracts on Wednesday. August was the lone exception, up $1.15. The CME Feeder Cattle Index was back up $2.10 on July 13 to $370.32.
Wholesale Boxed Beef prices continued lower in the Wednesday PM report, with the Chc/Sel spread at $12.10. Choice boxes were down $2.67 at $371.28, with Select $5.23 lower to $359.18. USDA’s Federally inspected cattle slaughter for Tuesday was at 108,000 head, with the week to date total at 324,000 head. That is up 6,000 head from the previous week but 20,855 head below the same week last year.
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Aug 26 Live Cattle closed at $230.325, down $1.100,
Oct 26 Live Cattle closed at $226.250, down $1.400,
Dec 26 Live Cattle closed at $225.825, down $1.475,
Aug 26 Feeder Cattle closed at $350.700, up $1.900,
Sep 26 Feeder Cattle closed at $344.950, up $0.100,
Oct 26 Feeder Cattle closed at $339.125, down $1.400,
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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