Cattle Drop Back Triple Digits
Front month live cattle ended the day $1.07 to $1.65 weaker, which flipped the board back to net weaker on the week. Feeders also fell on the day with 0.7% losses flipping the week’s move to net lower. USDA reported the cash trade for Thursday was nearly 25k head - with trade mostly near $174 in TX, and $174-$175 in NE. The CME Feeder Cattle Index was $224.77, up by $2.52 for 11/29.
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 were $1.99 higher in Choice and $0.66 higher for Select. The week’s FI cattle slaughter was 494k head through Thursday, compared to 509k during the same week last year.
Dec 23 Cattle closed at $170.875, down $1.025,
Feb 24 Cattle closed at $171.825, down $1.650,
Apr 24 Cattle closed at $174.425, down $1.500,
Jan 24 Feeder Cattle closed at $219.950, down $2.250
Mar 24 Feeder Cattle closed at $222.575, down $1.700
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.
