Cattle Collapse on Monday
Live cattle futures posted Monday losses of $1.625 to $2.35. Cash trade was at $208-209 in the South last week, with Northern sales near $208-212 live and $330-332 in the beef.
Feeder cattle futures were $5 to $5.45 lower on the session. The CME Feeder Cattle Index was up another 61 cents from the day prior at $281.68 on January 30. Monday’s OKC feeder cattle auction showed 9,500 head sold, which is well below the previous week and last year. Prices for steers were down $2-7 with 600-700 lb calves $10-15 lower. Feeder heifers were down $3-7 On Saturday, USDA released a statement that cattle imports from Mexico are set to resume in the coming days, with a strict new protocol for inspection before crossing the border.
USDA wholesale Boxed Beef prices were higher in the Monday PM report, with the Chc/Sel spread @ $12.15. Choice boxes were up $4.31 at $331.99/cwt, with Select $2.77 higher at $319.84. USDA estimated the Monday federally inspected cattle slaughter at 115,000 head. That was 1,000 head above last Monday and down 8,766 head from the same Monday last year.
Feb 25 Live Cattle closed at $202.975, down $1.625,
Apr 25 Live Cattle closed at $200.150, down $2.150,
Jun 25 Live Cattle closed at $194.475, down $2.225,
Mar 25 Feeder Cattle closed at $270.500, down $5.225,
Apr 25 Feeder Cattle closed at $269.825, down $5.300,
May 25 Feeder Cattle closed at $267.975, down $5.150,
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.