Triple Digit Rally for Midweek Cattle
June cattle led the rally on Wednesday with a $2.10 gain and got to within $8 of the LoC high from last fall. The other fat cattle futures were $1.25 to $1.67 stronger at the close. Nearby feeder cattle futures ended the session $1.30 to $1.90 higher with April now at a $1.75 gain for the week. Cash cattle sales remain unestablished for the week through Wednesday. The CME Feeder Cattle Index was another 7 cents weaker to $248.19 for 3/12.
USDA’s afternoon Boxed Beef prices were shown at $309.82 for Choice and $301.04 for Select. That had Choice down by 77 cents and Select up by $1.44 and tightened the Chc/Sel spread to $8.78. Federally inspected cattle slaughter for the week through Wednesday was listed at 351,000 head. That is 11k head behind last week’s pace and is down 23k head compared to the same week last year.
Apr 24 Cattle closed at $189.925, up $1.675,
Jun 24 Cattle closed at $186.050, up $2.100,
Aug 24 Cattle closed at $184.375, up $1.575,
Mar 24 Feeder Cattle closed at $250.275, up $1.300
Apr 24 Feeder Cattle closed at $255.850, up $1.725
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.
