Cattle Gains Extend to Tuesday
Live cattle futures posted Tuesday gains of 57 cents to $2.17 across the board on Tuesday. Cash trade has yet to be reported this week, following the northern dressed sales at $350-355 and live $222-227 action last week, with Southern sales at $228. Feeder cattle futures saw Tuesday strength of $1.47 to $3.02. The CME Feeder Cattle Index was back down $1.29 on October 19 to $342.16. Monday’s OKC feeder cattle auction showed 4,538 head sold, down over 1,700 head for the same week last year. Sales were $4-6 higher on heavy weight steers and steady to $4 lower on lighter weight steers. Heifers were steady to $3 higher. Calves were up $10-15.
Monday’s Crop Progress report showed the US pasture rating at 23% gd/ex, up 1% on the week. The Brugler500 index was up 6 points at 256.
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On Tuesday, USDA Secretary Rollins announced the next steps in the phased reopening of the border will include the Columbus, NM crossing on October 26. The Nogales, AZ crossing is set to reopen on November 30.
Wholesale Boxed Beef prices were higher in the Tuesday afternoon report, with the Chc/Sel at $11.76. Choice boxes were up $1.72 to $373.30, with Select $1.63 higher to $361.54. USDA estimated Federally inspected cattle slaughter for Tuesday at 112,000 head, as the week to date total was 217,000. That was 1,000 head above the week prior and 9,842 head below the same week last year.
Oct 26 Live Cattle closed at $229.450, up $1.950,
Dec 26 Live Cattle closed at $230.175, up $2.150,
Feb 27 Live Cattle closed at $233.100, up $2.175,
Oct 26 Feeder Cattle closed at $345.900, up $1.475,
Nov 26 Feeder Cattle closed at $346.300, up $2.375,
Jan 27 Feeder Cattle closed at $342.625, up $2.700,
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.
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