Live cattle are down 27 to 80 cents across the 2023 months at midday, with deferred contracts slightly higher. Cash trade has been reported at $188 in the north this week, up $2-3, with the South reported at $180-$181. Feeder cattle are posting gains of 70 cents to $1.52, with weakness in the corn. The CME Feeder Cattle Index was 65 cents weaker on 7/19 at $237.83.
Traders estimate the CoF numbers will be 2.2% below July 1 ’22, with an implied 11.15m head on feed. Placements are expected to be within 4% below last year and 2.7% above last year. Marketings are anticipated to drop 4.7% on average. NASS will release the data on Friday after the close. The bi-annual Cattle Inventory report is expected to show beef cows down 1.9% vs. last year as if July 1, with replacement heifers down 3.6%. The calf crop is estimated to be down 2.4%.
USDA reported Wholesale Boxed Beef prices as $302.54 for Choice and $276.59 for Select – down by 2c and $1.88 stronger respectively. USDA estimated FI cattle slaughter for the week through Thursday at 495k head, lagging last week’s pace by 9k head but 1,000 above the same week last year.
Aug 23 Cattle are at $180.000, down $0.325,
Oct 23 Cattle are at $182.025, down $0.725,
Dec 23 Cattle are at $185.425, down $0.550,
Cash Cattle Index was $178.000, from $178.00 last week
Aug 23 Feeder Cattle are at $245.825, up $0.725
Sep 23 Feeder Cattle are at $249.200, up $0.900
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.
