The cattle market continued the bounce through Tuesday with another 70c to $1.22 gains. USDA again had limited cash activity on Tuesday, with minor $168 deals; but still not enough for a market test. Last week’s sales were mainly near $171.
Feeder cattle closed $1 to $1.60 in the black. That left the Jan contract on a net $3.95 gain for the week. USDA’s OKC Feeder Auction Review showed 8.5k head were sold. The CME Feeder Cattle Index weakened another $2.32 weaker to $216.05 for 12/11.
USDA’s cited the Boxed Beef report with mixed quotes. Choice boxes were $2.35 stronger on Tuesday afternoon while Select was 88 cents lower for a Chc/Sel spread of $34.12. USDA reported the Tuesday FI cattle slaughter at 127k head, for a weekly 253,000 head for the week. That is 2,00 more than last week and is 9,000 more than the same week last year.
Dec 23 Cattle closed at $167.700, up $0.725,
Feb 24 Cattle closed at $168.600, up $0.700,
Apr 24 Cattle closed at $172.400, up $0.900,
Jan 24 Feeder Cattle closed at $219.250, up $1.300
Mar 24 Feeder Cattle closed at $219.600, up $1.000
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.
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