Live cattle futures saw strength into the Monday close, as contracts were 30 to 90 cents higher. Equities are weaker early on Tuesday, which could add some pressure at the open. Cash trade was late last week, with Southern action at $244 and Northern sales from $239-243. Feeder cattle futures saw stronger trade, shrugging off early losses to close $1.85 to $2.30 higher. The CME Feeder Cattle Index was down another 97 cents to $371.82 on February 27. The OKC feeder cattle auction on Monday showed 5,500 head for sale, with feeder steers $2-8 lower and heifers down $4-10. Calves were down $5-15 for steers and 10-20 lower on heifers.
Wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Chc/Sel spread narrowing to $3.13. Choice boxes were up $1.50 to $381.34, while Select was $3.90 higher to $378.21. USDA estimated federally inspected cattle slaughter for Monday at 102,000 head. That is 4,000 head below with the previous Monday and 2,764 head shy of the same Monday last year.
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Apr 26 Live Cattle closed at $233.100, up $0.875,
Jun 26 Live Cattle closed at $229.650, up $0.500,
Aug 26 Live Cattle closed at $228.175, up $0.375,
Mar 26 Feeder Cattle closed at $357.275, up $1.850,
Apr 26 Feeder Cattle closed at $353.325, up $2.125,
May 26 Feeder Cattle closed at $349.475, up $2.275,
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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