Cattle Rallying on Tuesday, as Beef Bounces
Live cattle future are finding some help from higher beef action at the AM print, with contracts up $1.05 to $1.45 at midday. Cash trade rounded out last week with sales of $184-185 in the South, up $1-2 on the week. Northern sales were in a range of $186-187.
Feeder cattle futures are up 90 cents to $1.20 on the day. The CME Feeder Cattle Index was back up $1.71 at $247.24 on September 27. The weekly OKC Feeder Cattle auction saw sales of 5,878 head on Monday, below last year ad the previous week. Sales of steers and heifer calves were $3-8 higher, with feeder heifers below 800 lbs stead and above 800 lbs up $5.
USDA wholesale Boxed Beef prices were higher in the Tuesday AM report. Choice boxes were up $2.10 to $300.18/cwt, with Select 19 cents higher @ $284.72. The Chc/Select spread widened to $15.46. USDA estimated Monday’s federally inspected cattle slaughter at 119,000 head. That is 1,000 head above the previous Monday but 4,125 head below the same Monday last year.
Oct 24 Live Cattle are at $185.225, up $1.450,
Dec 24 Live Cattle are at $186.025, up $1.225,
Feb 25 Live Cattle are at $186.900, up $1.050,
Oct 24 Feeder Cattle are at $247.400, up $1.200
Nov 24 Feeder Cattle are at $246.100, up $1.200
Jan 25 Feeder Cattle are at $239.675, up $0.900
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.