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December live cattle printed another new LoC high, now at $154.20, Feb also printed a new high on Monday, but the April and June contracts remained under their mid-Sep levels. Feeder cattle futures traded $0.40 to $1.57 higher on the day. Last week’s cash trade was mostly near $148 in the South and near $151-$152 in the North. The 10/21 CME Feeder Cattle Index was 68 cents higher to $173.62.
After the close on Monday, USDA showed 522.862m lbs of beef were in cold storage on September 30. That was up from 513m lbs in August and is a record large surplus for the month.
China reported 250k MT of beef was imported during September, a 12.2% increase yr/yr. Their 2022 total import reached 1.94 MMT – up 11.8% from 2021’s pace.
Wholesale Boxed Beef prices were higher in the PM report with a $4.21 increase in Choice and a $1.25 increase for Select. USDA estimated Monday’s FI cattle slaughter as 126k head, even with last week and 6k head above the same Monday last year.
Oct 22 Cattle closed at $151.600, up $1.125,
Dec 22 Cattle closed at $154.125, up $1.700,
Feb 23 Cattle closed at $156.975, up $1.450,
Oct 22 Feeder Cattle closed at $175.675, up $0.400
Nov 22 Feeder Cattle closed at $179.150, up $0.800
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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