Cattle Weaker at Midday

Live cattle futures are down by as much as $1.10 so far. The April contract is sitting near the low for the day. CME had 48 contracts total issued for Feb cattle deliveries, though all are in the re-tendering process with none scheduled. No cash trades have been confirmed for the week through Wednesday. Feeder cattle futures are down by 12 cents to $1.92 led lower by August contract. The CME Feeder Cattle Index was $90.42 on 2/20, up by $1.15. 

Analysts are looking for the NASS Cattle on Feed report to show Feb’s count 0.1% above Feb ’23 on average. That’s ~11.716m head barring revisions. Placements are expected to be down by 11.6% from last year and Jan marketings are expected to be 0.2% lower yr/yr. 

USDA’s Boxed Beef prices were stronger on Thursday morning as Choice increased $1.39 and Select firmed up by $1.23. Federally inspected cattle slaughter was listed at 349k head for the week through Wednesday. That compares to 363k head last week and to 353k head during the same week last year. 

 

Feb 24 Cattle  are at $184.050, up $0.075,

April 24 Cattle  are at $186.925, down $0.775,

Jun 24 Cattle  are at $182.650, down $0.650,

Cash Cattle Index was $179.000, from $179.00 last week

Mar 24 Feeder Cattle  are at $251.275, down $0.075

April 24 Feeder Cattle  are at $256.100, up $0.175

 

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.

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