Feeder Cattle Futures Market News and Commentary
The feeder cattle futures rallied triple digits on Thursday’s board break in the feed grains. Prices went home 1.3% to 1.7% higher. For the August contract that extended the month’s gain to $8.48. Live cattle prices traded mostly higher on Thursday with $1.20-$1.40 trading ranges. At the close the board was mostly 25 to 57 cents in the front months. With June fats expiring at $138 flat. The Merc reported another 15 contracts of June heifers were issued for delivery. The original 25 were retendered and never scheduled. USDA reported TX cash trade was mostly $1 lower to $137, while the limited Northern sales went $146 to $150. The 6/29 CME Feeder Cattle Index was $2.36 higher to $166.44.
The weekly Export Sales report showed 17k MT of beef was sold during the week that ended 6/23. That was up 52% wk/wk and 40.6% yr/yr, but was still the second lowest since April. FAS had 19,801 MT shipped during the same week. That was a 4% increase on the week and 4.5% increase yr/yr. South... Read more