Cattle Rally Triple Digits on Corn Weakness

Live cattle roared out of the weekend with triple digit gains of as much as $2.20. The Feb contract printed a $3.28 range on the day before closing ~$1 off the high. Feeder cattle also ended the first trade day of the week with triple digit gains. After rallying back from initial Monday weakness, the March contract closed 40 cents off the daily high with a $2.52 gain. USDA had no cash activity to report on Monday. The bulk of sales last week was near $171. The CME Feeder Cattle Index weakened another $1.67 to $218.37 on 12/08. 

USDA’s PM Boxed Beef report had Choice back up by $2.42 and Select back up by $1.64 for a Chc/Sel spread of $30.89. USDA reported the FI cattle slaughter at 126k head for Monday. That was 1k head more than both last week and the same Monday last year.  

 

Dec 23 Cattle  closed at $166.975, up $1.525,

Feb 24 Cattle  closed at $167.900, up $2.175,

Apr 24 Cattle  closed at $171.500, up $2.200,

Jan 24 Feeder Cattle  closed at $217.950, up $2.650

Mar 24 Feeder Cattle  closed at $218.600, up $2.525

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.

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