Cattle Fade Triple Digits on Monday
Live cattle futures pulled back with triple digit losses of as much as $1.40. Feeders also dropped by $1.85 to $2.05 on the day. USDA confirmed cash business from $173 to $178, citing most action was ~$3 higher near $178. USDA cited good demand for the OKC feeder cattle auction, revieing 49% steers and 50% heifers along with 61% of the feeders listed as calves sub-600#s. The CME Feeder Cattle Index was $1.22 stronger to $239.17 for 2/1.
USDA’s Wholesale Boxed Beef prices firmed on Monday with a 40 cent increase for Choice and a 30 cent increase for Select. The Monday cattle slaughter was listed at 125k head while last week was also 125k head and the same week last year was 118.5k head.
Feb 24 Cattle closed at $179.725, down $0.825,
Apr 24 Cattle closed at $182.350, down $1.400,
Jun 24 Cattle closed at $180.475, down $1.300,
Mar 24 Feeder Cattle closed at $242.750, down $2.050
Apr 24 Feeder Cattle closed at $248.250, down $1.950
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.
