Live cattle futures are fading back at midweek, with contracts down 60 cents to $1.05 on the day. Early cash bids have been $196 in the south so far, with no sales confirmed yet. The Central Stockyards Fed Cattle Exchange online auction saw no sale on the 1,842 head offered, with bids of $198-199 using the BidTheGrid™ method. Feeders are slipping back at midday, with contracts down a tick to 77 cents in the front months. CME’s Feeder Cattle Index was up another 7 cents on February 24, taking the index to $279.44.
The Wednesday morning National Wholesale Boxed Beef report from the USDA was mixed, with the Chc/Sel spread back up to $10.74. Choice boxes were 18 cents higher at $314.50/cwt, with Select down 37 cents to $303.76. USDA estimated Tuesday’s Federally inspected cattle slaughter at 122,000, taking the weekly total to 217,000 head. That is 4,000 head above the previous week but still down 28,479 head from the same week last year.
Feb 25 Live Cattle are at $198.900, down $0.600,
Apr 25 Live Cattle are at $194.675, down $1.050,
Jun 25 Live Cattle are at $191.350, down $0.900,
Mar 25 Feeder Cattle are at $274.200, down $0.025
Apr 25 Feeder Cattle are at $273.350, down $0.450
May 25 Feeder Cattle are at $271.550, down $0.775
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.
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