Midday cattle futures are trading $1.30 to $2.05 in the black with a triple digit rally through midday. Front month feeders are also up by as much as $2.97, leading the March contract to the 38.2% retracement of the fall board collapse. USDA had no confirmed cash business to report for the week through Wednesday. Cash trade remained light last week, with some sales near $172-$173. The CME Feeder Cattle Index was 56 cents lower on 1/16 to $225.87.
The Wholesale Boxed Beef prices were mixed on Thursday morning with a $1.54 weaker Choice quote and a 23c stronger Select quote. That had the Chc/Sel spread at $13.66. USDA estimated FI cattle slaughter for the week at 341k head, compared to 304k last week and 375k during the same week last year.
Feb 24 Cattle are at $174.600, up $1.500,
April 24 Cattle are at $177.300, up $1.675,
Jun 24 Cattle are at $174.225, up $1.425,
Cash Cattle Index was $173.000, from $173.00 last week
Jan 24 Feeder Cattle are at $231.100, up $2.675
Mar 24 Feeder Cattle are at $232.650, up $2.875
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.
