Fat Cattle Gain as Feeders Slip
Cattle futures rallied by triple digits. That was a new high for the August close, though futures stayed under their LoC high set yesterday. The feeder cattle market fell with triple digit losses of $0.95 to $1.42. Cash trade has been limited this week through Tuesday. The CME Feeder Cattle Index was $238.45 after a 72 cent increase for 7/17.
USDA reported Wholesale Boxed Beef prices were mixed on Tuesday, with a $2.10 drop in Choice and an 87 cent increase for Select. USDA estimated FI cattle slaughter at 127k head for Tuesday, that set the week’s running total at 247k head. Last week’s pace was 250,000 while the same week last year was also 247k.
Aug 23 Cattle closed at $181.275, up $1.150,
Oct 23 Cattle closed at $183.550, up $1.300,
Dec 23 Cattle closed at $187.000, up $1.150,
Aug 23 Feeder Cattle closed at $248.000, down $1.250
Sep 23 Feeder Cattle closed at $250.000, down $1.425
Oct 23 Feeder Cattle closed at $251.075, down $1.275
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.
