Cattle Rally on Tuesday
Live cattle futures rallied 87 cents to $2.05 on the Tuesday session. Early cash action has seen $191 trade reported in KS this week, with trade still to develop in other parts of the country. Cash trade settled in last week around $191 in the South and $191-192 in the North, which was a $1-2 improvement from the previous week. There were no deliveries issued against December live cattle again on Tuesday.
Feeder cattle posted $1.425 to $2.25 gains at the close. The CME Feeder Cattle Index was down 63 cents from the day prior at $261.62 on December 9. The weekly OKC feeder cattle auction has an estimated 13,234 head for sale for today, which is well above last week and the same week last year. Price action was down $3-9 for feeder steers and steady to $2-7 lower for feeder heifers, with calves down $10-15.
USDA wholesale Boxed Beef prices were mixed in the Tuesday PM report. Choice boxes were down $2.41 to $311.73/cwt, with Select 31 cents higher @ $279.65. USDA estimated Tuesday’s federally inspected cattle slaughter at 120,000 head, taking the WTD total to 239,000 head. That is 3,000 head below the previous week and down 13,183 from the same week last year.
Dec 24 Live Cattle closed at $189.850, up $2.050,
Feb 25 Live Cattle closed at $189.025, up $2.000,
Apr 25 Live Cattle closed at $190.650, up $1.700,
Jan 25 Feeder Cattle closed at $257.325, up $1.525,
Mar 25 Feeder Cattle closed at $257.450, up $2.250,
Apr 25 Feeder Cattle closed at $258.350, up $2.100,
On the date of publication, Austin Schroeder 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.