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December fat cattle closed 12 lower on Wednesday while the rest of the front months ended 12 to 45 cents in the black. USDA confirmed some light Wednesday cash trade at from $146 - $148 in the North and WCB. Wednesday’s FCE auction sold none of the 1,311 head listed. Bids were capped at $144.50 and asks stayed firm between $145 and $146. Feeders closed the session mid-range on 17 to 47 cent gains. The CME Feeder Cattle Index was 40 cents higher on 10/11 to $175.04.
USDA’s monthly WASDE report saw higher beef production in Q3 and Q4 of 2022, for a net 130m lbs of additional annual beef production – at 28.136 billion lbs. For 2023, Q1 was lifted 10m lbs and Q2 was 70m higher though the ’23 total was only up by 30m lbs to 26.365 billion. Meanwhile, expected beef imports were reduced and exports were raised, as was the domestic consumption.
Wholesale Boxed Beef prices from the PM report were $0.09 weaker in Choice to $246.66, and were $1.41 stronger in Select to $214.26. The federally inspected cattle slaughter was estimated at 384k head for the week through Wednesday. That is up 1,000 head from last week and is 28,000 head more than the same week last year.
Oct 22 Cattle closed at $146.175, up $0.375,
Dec 22 Cattle closed at $148.450, down $0.125,
Feb 23 Cattle closed at $152.125, up $0.250,
Oct 22 Feeder Cattle closed at $175.500, up $0.425
Nov 22 Feeder Cattle closed at $176.675, up $0.475
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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