Live cattle futures are firming another 12 to 57 cents through Thursday’s midday. Feeders are up by 55 to 80 cents as well. Low temps and snow fall have cattle health and transport at the front of market participant minds. USDA had minimal cash action on Wednesday, mostly near $175. The CME Feeder Cattle Index for 1/9 was $228.41, back up by 72 cents.
Export Sales data showed 12,241 MT of beef was booked during the week that ended 1/4. Japan, South Korea, and China were the top buyers.
USDA’s Wholesale Boxed Beef prices were stronger on Wednesday with a $2.91 increase for Choice and a $4.11 stronger Select quote. FI cattle slaughter was reported at 301k head for the week through Wednesday, compared to 380k head during the same week last year. Winter weather caused early week downtime at several packing plants.
Feb 24 Cattle are at $171.225, up $0.475,
April 24 Cattle are at $173.775, up $0.100,
Jun 24 Cattle are at $171.250, up $0.150,
Cash Cattle Index was $173.000, from $172.00 last week
Jan 24 Feeder Cattle are at $225.475, up $0.850
Mar 24 Feeder Cattle are at $226.625, up $0.500
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
