Cattle Fade for Tuesday Trade
Live cattle futures were down by as much as 52 cents at the close on Tuesday. Feeders were mixed within 25 cents of UNCH. Cash trade was mostly unestablished for the week through Tuesday. USDA’s OKC Feeder Auction Review showed prices were $2 to $5 higher. USDA confirmed cash trade for finished cattle from $180.50 to $184 on Friday with solid volume. The CME Feeder Cattle Index was $246.47 on 2/26, which was back down by 17 cents.
The NASS Cold Storage monthly report showed beef stocks /were 475.4m lbs in January. That was down from 480m lbs in Dec, and was the lowest January inventory since 2014.
USDA’s Boxed Beef prices were mixed again on Tuesday, as Choice dropped by 5 cents while Select increased by $2.41. The rib primals were $454.49 and $430.61 respectively. Federally Inspected cattle slaughter was estimated at 125k head for Tuesday which set the weekly total to 247k head. That compares to 229k head from last week and from 250k head during the same week last year.
Feb 24 Cattle closed at $185.600, down $0.125,
Apr 24 Cattle closed at $187.725, down $0.375,
Jun 24 Cattle closed at $183.575, down $0.525,
Mar 24 Feeder Cattle closed at $253.000, down $0.050
Apr 24 Feeder Cattle closed at $258.950, up $0.050
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.
