Cattle Extending Rally into Tuesday

Live cattle are posting an extension of Monday’s rally on Tuesday, with gains of $1.05 to $1.77. Cash action was quiet on Monday, with last week reported @ $182 in the South and Northern action at $293-295 in the beef and $184-185 live. Feeders are up $1.20 to $2.95 at midday. The CME Feeder Cattle index was down a sharp $3.50 on April 12 to $241.07. 

USDA’s Wholesale Boxed Beef prices were mixed in the Tuesday morning report. Choice was back down $2.59 to $298.29, with Select up $1.31 to $292.65. That narrowed the Chc/Sel spread back down to $5.64. Monday’s USDA estimated cattle slaughter was pegged at 121,000. That is even with the previous Monday and down 1,057 head from the same Monday last year. 

Apr 24 Live Cattle  are at $181.350, up $1.050,

Jun 24 Live Cattle  are at $175.525, up $1.700,

Aug 24 Live Cattle  are at $172.900, up $1.775,

Apr 24 Feeder Cattle  are at $240.600, up $1.050

May 24 Feeder Cattle  are at $240.950, up $2.950

Aug 24 Feeder Cattle  are at $251.775, up $2.000

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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