Midday cattle quotes are 0.7% to 2% in the black with gains of as much as $3.30. Feeders are also starting the new year with triple digit gains of as much as $3.65. the grains began the day with sharp sell pressure at the open. USDA confirmed 13.4k head of cash cattle trades for Thursday, with the bulk near $172 (up $1-$2 for the week). The CME Feeder Cattle Index for was $1.73 weaker for 12/28 to $215.98.
USDA’s Wholesale Boxed Beef prices were mixed in the AM report as Choice fell by $4.99 cwt. to $284.72, though Select was 7 cents firmer. That tightened the spread to $24.32. The weekly USDA Red Meat Summary showed beef production was 429.4m lbs for the week, compared to 443.8 million during the same week last year. The 2023 total was reported at 26.55 billion lbs, a 4.6% drop from the same week last year. Slaughter for the week was 508k head, compared to 535k head last year. That left the yearly total at 32.243 million head – down 4.2% from 2022.
Feb 24 Cattle are at $171.925, up $3.425,
April 24 Cattle are at $174.500, up $2.250,
Jun 24 Cattle are at $171.650, up $1.600,
Cash Cattle Index was $172.000, from $170.00 last week
Jan 24 Feeder Cattle are at $225.700, up $3.400
Mar 24 Feeder Cattle are at $226.875, up $3.775
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
