Cattle Extends Rally on Tuesday
Live cattle futures closed out the Tuesday session with contracts $1.57 to $2.50. Cash trade has yet to get kicked off this week, with last week’s cash sales at $182-185 in the south, with northern trade at $184-188.
Feeder cattle futures were up 30 to 90 cents on the say, with August down 30 cents and getting closer to Thursday’s expiration. The CME Feeder Cattle Index was down 20 cents at $242.63 on August 26. The Monday OKC Feeder Cattle Auction saw sales on 5,908 head, above last year and the previous week. Demand was listed as moderate to good, with prices steady to $2 lower on steers and heifers steady.
USDA wholesale Boxed Beef were mixed in the Tuesday afternoon report. Choice boxes were down $3.93 at $311.97, with Select products 6 cents higher @ $300.25. The Chc/Select spread was narrowed to $11.72. USDA estimated Tuesday’s federally inspected cattle slaughter at 121,000 head, taking the weekly total to 237,000 head. That is down 4,000 head from the previous week and 15,583 head below the same week last year.
Aug 24 Live Cattle closed at $185.175, up $1.575,
Oct 24 Live Cattle closed at $179.400, up $2.425,
Dec 24 Live Cattle closed at $178.850, up $2.475,
Aug 24 Feeder Cattle closed at $244.200, down $0.300,
Sep 24 Feeder Cattle closed at $241.925, up $0.575,
Oct 24 Feeder Cattle closed at $238.375, up $0.900,
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.
