Feeder Cattle Futures Market News and Commentary
Feeders led the way lower on Tuesday with losses of over 2% across the active contracts. Sep held firmer as the contract expiration nears on Thursday. The other futures gave back ~$5. Fat cattle traded lower as well with 1.2% to 1.5% losses of as much as $2.85. USDA reported limited cash sales for near $184 on Tuesday. The CME Feeder Cattle Index from 9/25 was 16 cents weaker to $253.90.
Cold Storage data from Monday afternoon showed 421.63 million lbs of beef stocks in the US as of August 31. That was a 17.94% drop vs. last year and up 2.72% from last month’s revised total.
USDA’s Wholesale Boxed Beef prices were lower in the Tuesday PM report, as Choice dropped $1.94 and Select was quoted $1.35 weaker. USDA estimated the week’s FI cattle slaughter through Tuesday at 255k head. That is 7k head more than last week and +3k yr/yr.
Oct 23 Cattle closed at $184.800, down $2.175,
Dec 23 Cattle closed at $188.475, down $2.750,
Feb 24 Cattle closed at $1... Read more