Live cattle were holding up for much of the session until USDA’s Boxed Beef print was released. They are down $1.40 to $1.65 at midday. Cash action was light last week with steady sales of $190 reported in the South and $198 in the north. Feeder cattle are following along with losses of $2.70 to $3.00. The CME Feeder Cattle Index was $3.21 higher on July 5 at $258.29. Monday’s OKC feeder auction showed 4,100 head sold, with demand noted as good, but steers and heifer prices listed as steady.
Monday’s Commitment of Traders report showed managed money in live cattle futures and options as adding 7,563 contracts to their net long in a week, putting it at 63,423 contracts by last Tuesday evening.
USDA wholesale Boxed Beef prices shot lower in the Tuesday morning report. Choice boxes were down a sharp $4.87 to $325.60/cwt, with Select $1.69 lower at $303.03. The Chc/Select spread narrowed to $22.57. USDA estimated Monday’s FI slaughter at 115,000 head. That matched last Monday and was 7,120 head below the same Monday last year.
Aug 24 Live Cattle are at $182.875, down $1.475,
Oct 24 Live Cattle are at $183.800, down $1.500,
Dec 24 Live Cattle are at $185.600, down $1.650,
Aug 24 Feeder Cattle are at $256.450, down $2.725
Sep 24 Feeder Cattle are at $257.625, down $3.000
Oct 24 Feeder Cattle are at $258.025, down $2.700
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.
