Live cattle futures shifted to lower trade on Tuesday, with losses of 87 cents to $1.475. Cash trade last week improved ~$2 from the previous week, with Southern sales tallied at $190-191 and the Northern trade coming in at $190-192. So far this week action has mainly been compiling showlists.
Feeder cattle futures saw losses of $2 to $3.12 losses across the board, with soon to expire October up down nickel. Monday’s OKC feeder cattle auction had 8,142 head for sale. Demand was noted as good, with both feeder cattle and calves reported at steady price action from last week. The CME Feeder Cattle Index was up 12 cents at $249.49 on October 28.
USDA wholesale Boxed Beef prices were lower in the Tuesday afternoon report. Choice boxes were down $2.89 to $320.61/cwt, with Select $2.22 lower @ $289.96. The Chc/Sel spread narrowed to $30.65. USDA estimated Tuesday’s federally inspected cattle slaughter at 124,000 head, with the weekly total at 245,000. That is 2,000 head above the previous week but down 6,229 head from the same week last year.
Oct 24 Live Cattle closed at $189.300, down $0.875,
Dec 24 Live Cattle closed at $187.950, down $1.325,
Feb 25 Live Cattle closed at $188.625, down $1.475,
Oct 24 Feeder Cattle closed at $250.025, down $0.050,
Nov 24 Feeder Cattle closed at $246.600, down $2.600,
Jan 25 Feeder Cattle closed at $244.025, down $2.925,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
