The live cattle futures market turned red in the back months during the afternoon. At the close the August ’23 contract was a nickel in the black to the other contracts’ 10 to 57 cent losses. Tuesday’s FCE auction saw no sales on $148 bids and $151 asks for the 1,422 head listed. USDA reported very limited $152 trade in the WCB on Tuesday, but not enough for a market test.
Feeder cattle went home on the first trade day of the new month with $0.70 to $1.25 losses. USDA reported OKC auctioned steers were $1-$2 higher on a light dip in volume. 6,565 head were sold, compared to 7,938 last week and 8k head during the same week last year, and included 56% steers and 39% heifers and 64% below 600 lbs. The Feeder Cattle Index from CME was down by 51 cents on 10/31 to $176.97.
Wholesale Boxed Beef prices weakened in the PM update with Choice $1.02 lower to $262.63 and Select down by $1.73 to $232.73. USDA estimated Tuesday’s cattle slaughter at 128k head, for a WTD total of 256,000. That is up from 255,000 last week and compares to 244k head during the same week last year.
Dec 22 Cattle closed at $151.950, down $0.525,
Feb 23 Cattle closed at $155.250, down $0.575,
Apr 23 Cattle closed at $158.875, down $0.200,
Nov 22 Feeder Cattle closed at $176.925, down $0.700
Jan 23 Feeder Cattle closed at $178.200, down $1.250
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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