Feeder Cattle Drop on Wednesday
Front month feeder cattle futures were down by $2.72 to $3.85 with losses of as much as 1.5% on the day. The fats also faded by triple digits for a midweek pullback, though weakness was limited to 0.85%. USDA confirmed some light cash trade on Wednesday near $182-$183, steady with last week. The CME Feeder Cattle Index for 2/27 was $246.80, another 33 cents stronger.
USDA’s Boxed Beef prices were $303.03 in Choice, up by $1.29, and $292.94 in Select, $2.54 stronger. FI cattle slaughter for the week through Wednesday was 372k head vs 349k last week and 375k during the same week last year.
Feb 24 Cattle closed at $184.650, down $0.950,
Apr 24 Cattle closed at $186.125, down $1.600,
Jun 24 Cattle closed at $182.175, down $1.400,
Mar 24 Feeder Cattle closed at $249.600, down $3.400
Apr 24 Feeder Cattle closed at $255.100, down $3.850
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.
