Front month live cattle futures are trading mostly higher through midday with gains of less than 25 cents. The Feb ’23 contract is in the red by 10 cents so far. USDA confirmed $148 trades in the South on Thursday, with Northern cattle trading hands $4 higher at $152. Dressed sales have been gravitating towards $236. Front month feeder cattle futures are up by as much as $1.20 at midday. The 10/19 CME Feeder Cattle Index was 74 cents higher to $172.77.
Going into the CoF report this afternoon, analysts expect an average of 0.9% fewer cattle in 1,000+ head feedlots for 10/1 when compared with 10/1/21. The implied cattle inventory is 11.46, with a full range of even yr/yr and 1.8% lower yr/yr. September placements on average are estimated to be down 5.6% yr/yr. Trader estimates have September marketings up 4% from Sep ’21.
Wholesale Boxed Beef prices were higher on Friday morning with Choice up by 11 cents and Select $3.51 higher. USDA estimated the week’s federally inspected cattle slaughter at 509k head through Thursday. That is down 2,000 from last week’s pace but is up from 484k head during the same week last year.
Oct 22 Cattle are at $150.025, up $0.250,
Dec 22 Cattle are at $151.800, up $0.125,
Feb 23 Cattle are at $154.825, down $0.025,
Oct 22 Feeder Cattle are at $176.200, up $0.625
Nov 22 Feeder Cattle are at $178.600, up $1.050
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.
/Computer%20board%20micro%20chip%20green%20by%20blickpixel%20via%20Pixabay.jpg){kind=tracking}
