Feeder Cattle Futures Market News and Commentary
On Wednesday August cattle futures gained $1.15 while the other front months closed 15 to 55 cents higher. Feeder contracts gained 80 to 90 cents on Wednesday with October the highest. The 06/02 CME Feeder Cattle Index was $0.40 higher at $128.65. One pen of 199 TX steers sold for $110.50 on FCE’s online auction. The other 1,626 head listed went unsold. Reports are indicating moderate cash activity at $117 on Wednesday in all feeding regions. Earlier sales this week ranged $113 to $118 for live base. Wholesale boxed beef prices are back below $200 cwt. after a foreseen Wednesday drop. Choice boxes were down $22.83 to $295.90 cwt., and Select boxes were down by $13.80 cwt. Choice rib primals still remain above $500 cwt. USDA estimated FI cattle slaughter for the week through Wednesday at 340,000 head. WTD slaughter is running 20k head behind last year’s pace.
Jun 20 Cattle closed at $95.450, up $0.150,
Aug 20 Cattle closed at $97.350, up $1.150,... Read more