Triple Digit Losses after Friday’s CoF

A broad sell-off weighed on the ag markets out of the weekend, which for the cattle market pulled prices 0.5% to 1% lower on losses of as much as $1.52. Front month feeder cattle futures ended the first trade day of the week with $1.20 to $1.75 losses. For the December cattle that pulled prices to a low not seen since July. Nov feeders faded to June levels. USDA reported the bulk of cash trades from last week were $148 in the WCB, up by as much as $4, and $143 in the South, steady with last week on light activity. The 9/22 CME Feeder Cattle Index was another 40 cents stronger to $180.15.  

Wholesale Boxed Beef prices from Monday morning saw a $4.04 recovery to Select, now at $223.35 cwt. and a 79 cent drop for Choice now at $247.84 cwt. Choice ribs stayed above $400, though by just 72 cents. Select ribs were quoted at $325.64 cwt. USDA estimated Monday’s FI cattle slaughter at 125k head. That is down 2k head from last week but up 6,000 from the same Monday last year. 

Oct 22 Cattle  closed at $143.475, down $0.775,

Dec 22 Cattle  closed at $147.350, down $1.200,

Feb 23 Cattle  closed at $151.450, down $1.250,

Cash Cattle Indexwas $143.000, from $142.00 last week

Sep 22 Feeder Cattle  closed at $176.875, down $1.250

Oct 22 Feeder Cattle  closed at $177.075, down $1.275