Cattle Facing Turnaround Tuesday Pressure
Live cattle futures are slipping back on Tuesday, with contracts down $2.40 to $2.85 at midday. Cash trade has started out on the quieter side this week, with feedlots compiling showlists.
Feeder cattle futures are down 25 cents to $3.50 at midday. The CME Feeder Cattle Index was down 67 cents on September 17 to $339.05. The Monday OKC feeder cattle auction saw sales on 5,649 head, with prices noted as $4 higher on heavier steers and $4 lower on lighter stees. Heifers were down $1 to $5. Steer calves were mixed, up $5 to lower, with heifer calves down $5-10.
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The Monday Crop Progress report showed the US pasture rating at 17% gd/ex, down 2% on the week. The Brugler500 index was back down 6 points to 242.
Wholesale Boxed Beef prices were higher in the Tuesday PM report, with the Chc/Sel at $19.99. Choice boxes were up $1.98 at $378.33, with Select $2.57 higher to $358.34. USDA estimated Federally inspected cattle slaughter for Monday at 105,000 head. That was 2,000 head above last week but 4,283 head below the same Monday last year.
Oct 26 Live Cattle are at $218.550, down $2.400,
Dec 26 Live Cattle are at $219.150, down $2.850,
Feb 27 Live Cattle are at $220.425, down $2.675,
Sep 26 Feeder Cattle are at $337.225, down $0.250
Oct 26 Feeder Cattle are at $327.475, down $2.775
Nov 26 Feeder Cattle are at $322.675, down $3.425
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.
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