Cattle Futures Fading at Midday

Despite report of a developing cash market the live cattle futures complex is trading with losses through Thursday’s midday. The front months are 45 to 70 cents weaker on the board so far.  Front month feeder cattle are trading with midday losses of as much as $1.42, past the September’s 62 cent midday gain. Bids on the Thursday FCE auction came up some for 2 sold pens at $143 and $145. The other cattle went unsold from $143 bids to $144 asks. Reports on the wire show some cattle traded hands at $142-143 in the Soth this morning and $145 in the North. The CME Feeder Cattle Index was 10 cents weaker on 9/20 at $178.10.  

FAS reported beef export sales from the week that ended 9/15 were 15,193 MT. That was even to slightly above las week and was just 4% lighter yr/yr. China was the top buyer. Beef exports from the report were 22% higher wk/wk to 18,621 MT. South Korea and China were the top destinations. 

USDA’s Wholesale Boxed Beef prices were quoted at $249.16 cwt in Choice after a 3 cent bounce and $225.09 cwt. in Select after another $1.03 reduction. USDA estimated FI cattle slaughter for the week through Wednesday at 382,000 head. That is up 3,000 head wk/wk and is 21k head more than the same week last year.  

Oct22 Cattle  are at $145.400, down $0.475,

Dec 22 Cattle  are at $150.000, down $0.750,

Feb 23 Cattle  are at $154.300, down $0.600,

Sep 22 Feeder Cattle  are at $178.700, up $0.525

Oct22 Feeder Cattle  are at $178.850, down $0.375