Cattle Futures Rallied back on Tuesday
The Turnaround Tuesday for cattle flipped the board into the black for the week. Futures rebounded by $1.35 to $1.90 across the front months. Feeders led the way with 1.7% to 2% gains of as much as $4.17. There were no confirmed cash trades on Monday, with cash trade last week mostly $174-$175. The 12/1 CME Feeder Cattle Index was $223.27, down by another $2.62.
USDA’s Wholesale Boxed Beef prices dropped another 91 cents in Choice and another $4.19 in Select on Tuesday morning. USDA reported cattle slaughter at 125k head for Monday, compared to 123k head last week and 125k during the same Monday last year.
Dec 23 Cattle closed at $168.500, up $1.250,
Feb 24 Cattle closed at $168.975, up $1.900,
Apr 24 Cattle closed at $171.500, up $1.800,
Jan 24 Feeder Cattle closed at $214.700, up $4.175
Mar 24 Feeder Cattle closed at $217.475, up $3.900
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.
