Live Cattle Futures Market News and Commentary
Live cattle fell sharply on Wednesday with losses of over 3% for Feb. The other front months were $3.10 to $4.82 in the red at the settle. The cash market traded $171, which was $3-$4 weaker than last week. Feeders closed the futures trading session with 2.5% losses of $4.55 to $5.72. The 12/05 CME Feeder Cattle Index was $224.23, another 45 cent increase.
Census data showed US October beef exports of 241.5 million lbs. That is above the 231.5 million lb export for September, but is down 20% from the same month last year. The year to date total was shown at 2.556 billion lbs, compared to 3 billion last year.
USDA’s Wholesale Boxed Beef price report showed mixed quotes, as Choice continued lower with another $3.19 drop while Select carcasses bounced by 77 cents. The federally inspected cattle slaughter for the week reached 376k head through Wednesday. That is a 3k head increase from the week prior, but is down 2k head from the same week last year.
Dec 23 C... Read more