Cattle Rallies on Wednesday
Live cattle futures were pushed higher by the bulls on Wednesday, with contracts up 70 cent to $3.45. Last week saw cash sales roll in at $189-191 in the South, as the North exchanged hands at $197-198. Cash trade has been slow to develop this week. Wednesday morning’s Fed Cattle Exchange online auction from Central Stockyards showed sales of $193 in TX using the BidTheGrid™ method. Live bids were at $188 in TX. Feeder cattle futures were $2.55 to $2.72 higher on the session. The CME Feeder Cattle Index was back up 41 cents on June 25 at $258.31.
USDA wholesale Boxed Beef prices were lower in the Wednesday PM report. Choice boxes were down 54 cents to $322.85/cwt, with Select $2.40 lower at $302.86. The Chc/Select spread widened to $19.99. USDA estimated Wednesday’s FI slaughter at 117,000 head, with this week’s total at 353,000 head. That is down 7,000 head from the previous week and 14,402 below the same week last year.
Jun 24 Live Cattle closed at $192.925, up $3.450,
Aug 24 Live Cattle closed at $186.750, up $2.325,
Oct 24 Live Cattle closed at $186.125, up $1.775,
Aug 24 Feeder Cattle closed at $261.775, up $2.725,
Sep 24 Feeder Cattle closed at $262.475, up $2.400,
Oct 24 Feeder Cattle closed at $262.900, up $2.300,
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.
