Cattle Dropping on Tuesday
Midday cattle futures are trading 10 to 72 cents weaker so far. Feeders are trading down by 35 cents to $1.17 at midday. USDA’s OKC Feeder Auction Review showed prices were $2 to $5 higher. USDA confirmed cash trade for finished cattle from $180.50 to $184 on Friday with solid volume. The bulk of the week’s action took place $2-$3 higher near $182. The CME Feeder Cattle Index was $246.64 on 2/23, up by another $1.98.
The NASS Cold Storage monthly report showed beef stocks /were 475.4m lbs in January. That was down from 480m lbs in Dec, and was the lowest January inventory since 2014.
USDA’s Boxed Beef prices were stronger again on Tuesday morning, with a 45 cent increase for Choice and a $2.73 increase for Select. The rib primals were shown at $454.23 cwt. and $427.50 cwt. respectively. Monday’s FI cattle slaughter was estimated at 122k head. That was up from 104k head during President’s Day last week and was 2k head below the same week last year.
Feb 24 Cattle are at $185.600, down $0.125,
April 24 Cattle are at $187.450, down $0.650,
Jun 24 Cattle are at $183.300, down $0.800,
Cash Cattle Index was $183.000, from $179.00 last week
Mar 24 Feeder Cattle are at $252.025, down $1.025
April 24 Feeder Cattle are at $257.850, down $1.050
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.
