Cattle Rally on the Midweek Session
Live cattle futures saw gains of $1.30 to $2.15 across the board on Wednesday. Cash trade saw some light $348-350 dressed action in the North so far this week as reported by USDA, with live sales at $219-219.50. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,586 head offered and $224/345 bids. Feeder cattle futures rallied $2.77 to $5.02 into the close, assisted by the sharp weakness in the corn. The CME Feeder Cattle Index was 26 cents higher on September 28 to $338.03.
Wholesale Boxed Beef prices were mixed in the Wednesday PM report, with the Chc/Sel at $22.20. Choice boxes were up 13 cents at $382.79, with Select $3.89 lower to $360.59. USDA estimated Federally inspected cattle slaughter for Wednesday at 98,000 head, taking this week’s total to 301,000 head. That was up 2,000 from last week but 49,282 head below the same week last year.
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Oct 26 Live Cattle closed at $218.675, up $1.450,
Dec 26 Live Cattle closed at $222.700, up $1.900,
Feb 27 Live Cattle closed at $225.075, up $2.150,
Oct 26 Feeder Cattle closed at $336.425, up $2.775,
Nov 26 Feeder Cattle closed at $334.300, up $3.400,
Jan 27 Feeder Cattle closed at $327.675, up $4.275,
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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