Live Cattle Futures Market News and Commentary
Live cattle futures rebounded after midday lows, with gains as much as 90 cents. Feeder cattle futures gained triple digits with help from cheaper feed. The 11/07 CME Feeder Cattle index was down 25 cents to $145.84. UPS logistics, partnering with HerdX, have successfully sold, and shipped beef to Japan using block chain technology. Wholesale boxed beef prices were mixed. Choice boxes were down on Monday by 53 cents to $238.59. Select boxes gained 43 cents on the day to finish at $213.69. The WASDE indicated that US 4th quarter beef production would be 88 million lbs higher than October’s projection, forecasted to bring the yearly production to 27,036 million lbs (about 1% above last year). USDA estimated FI cattle slaughter is 112,000 head for this Veterans Day, last week’s total was estimated at 651,000 head.
DEC 19 Cattle closed at $119.875, up $0.625,
FEB 19 Cattle closed at $125.675, up $0.650,
APR 20 Cattle closed at $127.000, up $0.9... Read more