Cattle Weaken on Tuesday
Fat cattle futures fell by 12 to 85 cents across the front months on Tuesday. USDA reported minor cash action for Tuesday at $169, the bulk of cash trade last week was near $168. Feeder cattle futures were down by as much as $1.27 in the Jan contract, but 57 cents weaker in the deferred months. USDA’s OKC Feeder Auction Review had prices mostly $2-$8 higher for the week, with 5k head sold. The 12/18 CME Feeder Cattle Index was $219.91, back up by $1.84.
USDA’s Wholesale Boxed Beef report for Tuesday afternoon had Choice boxes 10c weaker and Select 56 cents weaker. report showed a 2c recovery in Choice this morning, while Select backed off by 30 cents. USDA estimated Tuesday’s FI cattle slaughter as 124k head for a weekly total 249k. That is 4k less than last week but is up 26k head from the same week last year.
Dec 23 Cattle closed at $168.450, down $0.375,
Feb 24 Cattle closed at $168.775, down $0.850,
Apr 24 Cattle closed at $172.675, down $0.825,
Jan 24 Feeder Cattle closed at $221.900, down $1.275
Mar 24 Feeder Cattle closed at $223.200, down $0.950
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.
