Feeders led the way lower on Tuesday with losses of over 2% across the active contracts. Sep held firmer as the contract expiration nears on Thursday. The other futures gave back ~$5. Fat cattle traded lower as well with 1.2% to 1.5% losses of as much as $2.85. USDA reported limited cash sales for near $184 on Tuesday. The CME Feeder Cattle Index from 9/25 was 16 cents weaker to $253.90.
Cold Storage data from Monday afternoon showed 421.63 million lbs of beef stocks in the US as of August 31. That was a 17.94% drop vs. last year and up 2.72% from last month’s revised total.
USDA’s Wholesale Boxed Beef prices were lower in the Tuesday PM report, as Choice dropped $1.94 and Select was quoted $1.35 weaker. USDA estimated the week’s FI cattle slaughter through Tuesday at 255k head. That is 7k head more than last week and +3k yr/yr.
Oct 23 Cattle closed at $184.800, down $2.175,
Dec 23 Cattle closed at $188.475, down $2.750,
Feb 24 Cattle closed at $193.050, down $2.850,
Sep 23 Feeder Cattle closed at $252.600, down $1.275
Oct 23 Feeder Cattle closed at $253.875, down $4.950
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.
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