Cattle Facing Turnaround Tuesday Weakness
Live cattle futures are pulling back on Tuesday, with contracts down $1.77 to $2.20 at midday. Cash trade has yet to get kicked off this week, as last week showed sales $1-6 higher than the previous week at $222-225. Feeder cattle futures are $3.30 to $3.95 lower so far on Tuesday. The CME Feeder Cattle Index shot up $10.49 on September 11 to $341.71. The weekly OKC feeder cattle auction showed sales on 5,198 head, with steers up $15-25 and heifers $10-20 higher.
Monday’s Crop Progress report showed the US pasture rating at 19% gd/ex, up 1% on the week. The Brugler500 index was back up 5 points to 248.
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Wholesale Boxed Beef prices were mixed in the Tuesday morning report, with the Chc/Sel widening to $22.10. Choice boxes were up $1.16 at $376.46, with Select 19 cents lower to $354.36. USDA estimated Federally inspected cattle slaughter for Monday at 106,000 head. That is well above the previous week due to the holiday but 3,967 head below the same week last year.
Oct 26 Live Cattle are at $220.475, down $1.775,
Dec 26 Live Cattle are at $222.950, down $2.200,
Feb 27 Live Cattle are at $224.250, down $2.050,
Sep 26 Feeder Cattle are at $340.275, down $3.300
Oct 26 Feeder Cattle are at $333.900, down $3.950
Nov 26 Feeder Cattle are at $328.900, down $3.875
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.
