Live Cattle (Pit) Futures Market News and Commentary
After two rounds of futures trading the Dec cattle contract is at a net 40 cent loss for the week, with Feb 32 cents in the red. Tuesday settled with the board back up by 10 to 27 cents, but off the intra-day highs. Central Stockyard’s FCE auction had 1,691 head listed, with no sales between $153 bids and $155 asks. The trend for the week is not established.
Feeder cattle settled Tuesday with a triple digit gain in Jan, but 42 to 57 cent gains in the other front months. Jan is still a $3.17 discount to March, and at a 30 cent loss WTD on the board. The USDA’s OKC Feeder Auction review had $1-$3 higher for feeder steers and $3-$7 stronger steer calve sales, though volumes were slightly lower. The 11/25 Feeder Cattle Index from CME was up $3.56 to $177.19.
Wholesale Boxed Beef prices were mixed in the PM report, widening the Chc/Sel spread to $28.92. Choice boxes were 21 cents higher as Select dropped $2.71. The Chc/Sel spread for the rib primal was $144.51 with Choice r... Read more