Front month fat cattle are trading higher with triple digit gains in December and February contracts. There still have been 0 October cattle deliveries according to CME, with the oldest long dated 3/24/22. USDA had last week’s cash market as $146-$148 in the North and $145 in the South. Nearby feeder cattle futures are up by as much as $2.55 through midday. USDA reported 7,500 head of feeders were sold in their OKC Auction Review, down from last week’s 8,521 head. 52% sold were steers, and 66% were <600 pounds. The CME Feeder Cattle Index was up 8 cents to $174.11 on 10/13 to $174.11.
Wholesale Boxed Beef prices were higher this morning with Select up by $5.01. Choice was also $1.71. USDA estimated FI cattle slaughter for the week through Saturday as 660,000 head. That is 4k head lighter wk/wk but is up 17k head from the same week last year.
Oct 22 Cattle are at $147.850, up $0.900,
Dec 22 Cattle are at $149.325, up $1.550,
Feb 23 Cattle are at $152.325, up $1.225,
Oct 22 Feeder Cattle are at $175.000, up $1.200
Nov 22 Feeder Cattle are at $176.650, up $1.875
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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