Live cattle futures are trading with gains of a nickel to 27 cents higher at midday on Monday. Cash trade settled in last week at $186-188, with most trade hovering at $187.
Feeder cattle are trading with $1.40 to 1.80 gains at midday. The CME Feeder Cattle Index was up 27 cents at $254.54 on November 21. The weekly feeder cattle auction from OKC shows an estimated 7,000 head for sale, slightly below last week but above the same week last year.
On Friday, the Chief Veterinarian Officer in Mexico informed the USDA about a case of New World Screwworm in a southern Mexican border state. In response, APHIS has increased import restrictions on animal products from Mexico, thus likely limiting feeder cattle imports from the country.
The Friday afternoon Cattle on Feed report showed October placements a 2.286 million head, up 5.35% vs. a year ago and above the average trade estimate of a 3.8% hike. October marketings were up 4.65% at 1.845 million head and below the +5.2% trade average guess. November 1 on feed inventory came in at a record for the month at 11.986 million head, a 0.25% increase from last year, compared to the 0.1% drop expected.
USDA wholesale Boxed Beef prices were higher in the Monday AM report. Choice boxes were up $2.36 to $309.77/cwt, with Select 77 cents higher @ $272.84. The Chc/Sel spread widened to $36.93. USDA estimated last week’s federally inspected cattle slaughter at 631,000 head through Saturday. That is 25,000 head above the previous week and well above the same week last year due to Thanksgiving being a week later this year.
Dec 24 Live Cattle are at $186.900, up $0.125,
Feb 25 Live Cattle are at $188.250, up $0.050,
Apr 25 Live Cattle are at $190.225, up $0.275,
Jan 25 Feeder Cattle are at $256.025, up $1.725
Mar 25 Feeder Cattle are at $254.800, up $1.675
Apr 25 Feeder Cattle are at $255.750, up $1.400
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. More news from BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
