Follow Through Selling for Cattle
Following some limit losses in the cattle market out of the weekend, Tuesday’s trade has additional weakness. The October contracts for both the fats and the feeders are the exception with a 25c gain and a $1.92 gain respectively. Beyond the Octobers, fats are down by another $0.72 to $1.55 and the feeders are trading $1.42 to $1.72 in the red. Cash trade for last week strengthened $1-2 on the week, with Southern trade centered around $184-185 and Northern cattle exchanging hands at $186-187. The CME Feeder Cattle Index fell another 43 cents to $243.56 for 10/20.
USDA’s Wholesale Boxed Beef prices were higher in the Tuesday morning report. Choice was up by $1.21 and Select was $2.29 higher. USDA had Monday’s FI cattle slaughter at 125k head, compared to 124k last week and 126k during the same week last year.
Oct 23 Cattle are at $178.875, up $0.625,
Dec 23 Cattle are at $177.825, down $0.525,
Feb 24 Cattle are at $179.900, down $1.075,
Cash Cattle Index was $185.500, from $182.82 last week
Oct 23 Feeder Cattle are at $239.200, up $1.575
Nov 23 Feeder Cattle are at $234.800, down $1.000
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.
