Cattle Get a Bounce on Tuesday
Live cattle futures were up $1.22 to $3.80 across most contracts at the Tuesday close. Early bids of $228 were reported which is just slightly lower than the $230-231 trade from last week. Feeder cattle futures posted front month gains of $1.575 to $5.30, with November and beyond down $1.22 to $3.55. The CME Feeder Cattle Index was back up $1.10 on July 27 to $348.47.
NASS Crop Progress data showed the US pasture rating at 29% gd/ex, steady with the week prior. The Brugler500 index was down 1 point to 270.
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Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report. Choice boxes were up $2.97 at $365.86, with Select $1.64 lower to $343.52. The Choice/Select spread has widened to $22.34. USDA’s Federally inspected cattle slaughter for Tuesday at 106,000 head, with the weekly total at 198,000 head. That is down 7,000 head from the previous week and 24,229 head below the same week last year.
Aug 26 Live Cattle closed at $227.475, up $2.250,
Oct 26 Live Cattle closed at $222.175, up $3.400,
Dec 26 Live Cattle closed at $221.300, up $3.900,
Aug 26 Feeder Cattle closed at $343.075, up $4.825,
Sep 26 Feeder Cattle closed at $337.225, up $5.300,
Oct 26 Feeder Cattle closed at $326.825, up $1.575,
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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