Cattle Push the Rally to 38.2% Retracement
Live cattle futures extended the push through Wednesday and closed near the highs for the day – at 38.2% of the way back up from contract highs to their Dec lows. Cash sales were light on Wednesday near $174. Feeder cattle futures were also firmer on Wednesday, but finished off their session highs on 12 to 85 cent gains. USDA’s OKC feeder cattle auction review showed the 5,836 head sold were mostly $3-$4 higher. The CME Feeder Cattle Index dropped $8.26 to $230.21 on 1/23.
USDA’s Wholesale Boxed Beef prices were lower on Wednesday with a $2.16 drop in Choice and a $1.14 drop in Select. Federally inspected cattle slaughter was 126k head on Wednesday for a weekly total of 366k head. That compares to 375k head last year.
Feb 24 Cattle closed at $175.350, up $0.700,
Apr 24 Cattle closed at $178.350, up $0.525,
Jun 24 Cattle closed at $175.450, up $0.500,
Mar 24 Feeder Cattle closed at $233.775, up $0.125
Apr 24 Feeder Cattle closed at $239.800, up $0.250
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.
