Cattle Rallying on Wednesday
Live cattle futures are showing $2 to $2.10 gains in the nearbys at midday. The Wednesday morning Fed Cattle Exchange online auction saw sales on 463 of the 926 head , with sales of $124 live and $126 using their BidTheGrid™ method. Feeder cattle futures are trading with contracts up $1.75 to $2 at midday. The CME Feeder Cattle Index was up 35 cents on June 2 with an average price of $301.48.
USDA’s National Wholesale Boxed Beef prices were mixed on Wednesday morning, with the Chc/Sel spread at $10.42. Choice boxes were back up $1.21 at $366.65, while Select was quoted 29 cents lower at $356.23/cwt. USDA’s Federally inspected cattle slaughter for Tuesday was 121,000 head, with the week to date total at 236,000 head. That is down 5,089 head from the same week last year.
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Jun 25 Live Cattle are at $218.000, up $2.025,
Aug 25 Live Cattle are at $211.825, up $2.075,
Oct 25 Live Cattle are at $209.925, up $2.000,
Aug 25 Feeder Cattle are at $303.200, up $1.975
Sep 25 Feeder Cattle are at $302.300, up $1.875
Oct 25 Feeder Cattle are at $300.425, up $1.775
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.
