Live cattle futures rallied back triple digits on Tuesday, enough to nearly offset all of last week’s loss for October contracts. The front months were $1.32 to $2.30 higher going home, and just 30 cents under their session highs. Feeder cattle were up by $2.30 to $2.87 across the nearby futures. The FCE auction had 1,412 head listed for the Tuesday morning sale. No cattle traded hands, as packers bid $176-$177 but feedlots were looking for at least $180. USDA had minimal cash activity in their Tuesday report at $294 dressed in the North. The CME Feeder Cattle Index increased 83 cents to $244.69 for 7/31.
The PM Wholesale Boxed Beef report quoted Choice boxes $4.32 higher and Select boxes $1.87 higher. USDA estimated Federally Inspected cattle slaughter at 124,000 head for Tuesday. That set the week’s total at 248k head, a 1k lead over both last week and the same week last year.
Aug 23 Cattle closed at $179.500, up $1.450,
Oct 23 Cattle closed at $181.825, up $2.300,
Dec 23 Cattle closed at $185.625, up $2.225,
Aug 23 Feeder Cattle closed at $248.475, up $2.875
Sep 23 Feeder Cattle closed at $251.900, up $2.700
Oct 23 Feeder Cattle closed at $253.400, up $2.375
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.
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