Cattle Futures in Negative Territory
Live cattle are trading mostly 30 to 70 cents lower at midday on Wednesday. Cash cattle trade has been quiet to start the week, with northern lots asking $305-306 but no bids seen. Last week saw the North reported at $190, down $2, with the South trading hands at $186, a $1 pullback. Feeder futures are down $1.00 to $1.12 at mid-session, despite cheaper feed costs. The CME Feeder Cattle Index was up 22 cents on June 3 to $250.89. This week’s OKC feeder cattle auction saw heavier weight steers (>750 lbs) firm to up $3, with lighter weight steers $3 to $7 higher.
USDA’s Wholesale Boxed Beef prices are lower this morning, with choice quoted $1.81 lower to $315.07 and select down $1.89 per 100 pounds at $302.58. USDA estimated Tuesday’s FI cattle slaughter at 123,000 head, taking the weekly total to 243,000 head. That is down 2,344 head from the same week last year.
Jun 24 Live Cattle are at $181.875, down $0.300,
Aug 24 Live Cattle are at $177.850, down $0.600,
Oct 24 Live Cattle are at $180.100, down $0.700,
Aug 24 Feeder Cattle are at $255.000, down $1.025
Sep 24 Feeder Cattle are at $256.475, down $1.125
Oct 24 Feeder Cattle are at $257.425, down $1.125
On the date of publication, Alan Brugler 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.