Feeder Cattle (P) Futures PricesTue, Oct 25th, 2016
Latest Brugler Feeder Cattle (P) Report
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Live cattle futures posted losses of 7.5 cents to 40 cents on Tuesday. October feeders settled with a $1.87 premium to the CME Index with which it needs to converge at expiration on Thursday. Boxed beef prices were higher in the afternoon report, with Choice 600-900# product $1.09 higher and Select up $1.75. WTD estimated slaughter is 228,000 head, down 2,000 head vs. last week and up 5,000 head vs. a year ago. Cash cattle activity consists mostly of collecting show lists after a strong Friday/Saturday market. Initial asking prices appear to be around $105, with both sides waiting to see if the board rally has staying power. It didn’t on Tuesday afternoon. We are in the October delivery period, after all. Cash and futures are supposed to converge here.
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