Cattle Face Weakness on Monday
Live cattle futures were weaker to start the week, with contracts down $1.10 to $1.60 at the close. There were no deliveries issued for October cattle on First Notice Day. Cash trade has yet to get kicked off on Monday, following last week’s live northern sales at $220-222 and southern trade reported at $226. Feeder cattle futures slipped back $1.02 to $2.75 on the session. The CME Feeder Cattle Index was 92 cents higher on October 2 to $337.76. The weekly OKC feeder cattle auction showed an estimated 4,700 head sold on Monday, with sales $2-8 lower on feeder steers and steady on heifers. Calves were steady for steers, with heifers $5-10 higher.
Monday’s Crop Progress report showed the US pasture rating at 23% gd/ex, up 4% on the week. The Brugler500 index was back up 9 points to 257.
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Wholesale Boxed Beef prices were higher in the Friday PM report, with the Chc/Sel at $19.69. Choice boxes were up $4.07 at $378.26, with Select $4.08 higher to $358.57. USDA estimated Federally inspected cattle slaughter for Monday at 105,000 head. That was up 10,000 from the Monday prior and 4,498 head above the same week last year.
Oct 26 Live Cattle closed at $217.250, down $1.600,
Dec 26 Live Cattle closed at $219.975, down $1.500,
Feb 27 Live Cattle closed at $222.050, down $1.100,
Oct 26 Feeder Cattle closed at $333.850, down $0.775,
Nov 26 Feeder Cattle closed at $330.125, down $1.025,
Jan 27 Feeder Cattle closed at $322.600, down $1.950,
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.
