Feeder cattle futures ended the day with triple digit gains capturing some of the weakness in the corn market. Fats bled 7 to 55 cents weaker on Wednesday, though August ’23 ended the day up by 12 cents. Light cash trade was confirmed at $149 in TX, $243 dressed in NE, and $154 in the WCB on Wednesday, but USDA mentioned it was not enough for a market test. The FCE auction on Wednesday had no sales again, with $148 to $149 bids and $151 to $152 asks. The CME Feeder Cattle Index from 11/01 was back up by 32 cents to $177.29.
Wholesale Boxed Beef prices firmed up in the PM report with an 84 cent increase for Choice and a 43 cent boost to Select. The Choice rib was quoted at $436.70 cwt. and Select ribs were seen $337.74 cwt. USDA estimated the week’s federally inspected cattle slaughter at 385k head through Wednesday. That is 1,000 head more than last week’s pace but is up by 66k head from the same week last year.
Dec 22 Cattle closed at $151.400, down $0.550,
Feb 23 Cattle closed at $154.900, down $0.350,
Apr 23 Cattle closed at $158.500, down $0.375,
Nov 22 Feeder Cattle closed at $178.925, up $2.000
Jan 23 Feeder Cattle closed at $180.000, up $1.800
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.
