Cattle Reverse Course for Red Monday
Cattle futures gave back the initial triple digit gains on Monday to close 37 to 57 cents weaker. Feb cattle ended the day down by $1.07. Front month feeder cattle also gave back their initial gains on Monday and closed down by as much as $1.12. Cash sales for last week were confirmed near $175 in the South. The OKC Feeder Auction Review had 10k head sold, with prices up by $10-$15 for calves. The listings included 44% steers/53% heifers, and 32% +600lbs. USDA had sales from $173 to $177 for the week with the bulk of action near $175. The 1/26 CME Feeder Cattle Index was $234.15, up by another $2.09.
USDA quoted Boxed Beef prices as $1.11 weaker for Choice at $299.42, while Select was 31 cents lower to $288.82. USDA reported FI cattle slaughter at 125k head for Monday, compared to 115k head last week and 120k during the same week last year.
Feb 24 Cattle closed at $177.375, down $1.075,
Apr 24 Cattle closed at $181.225, down $0.450,
Jun 24 Cattle closed at $178.475, down $0.375,
Mar 24 Feeder Cattle closed at $238.625, down $1.075
Apr 24 Feeder Cattle closed at $244.600, down $1.000
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.
