Live cattle futures stayed in a relatively tighter range on Tuesday and closed UNCH in the Dec contract. The other nearbys went home 15 to 30 cents weaker. Feeder cattle were mixed on the board on Tuesday. Nov and April were a nickel higher at the bell, while Jan and March faded by as much as a dime. Tuesday’s Fed Cattle Exchange showed no sales on the 1,283 head sold, with bids running $148-149.25. The USDA’s OKC Feeder Cattle Auction Review had decent volume of 10.8k head, compared to 6.6k last week and 10.6k last year, on steady steers and $0-3 stronger heifers. The 11/7 CME Feeder Cattle Index dropped 32 cents to $176.59.
Wholesale Boxed Beef prices were $264.94 in Choice and $236.05 in Select in the PM report. That was a 39 cent increase for Choice and a 13 cent increase for Select. USDA estimated FI cattle slaughter at 252k head for the week through Tuesday. That is trailing last week’s pace by 4k head.
Dec 22 Cattle closed at $153.050, down $0.000,
Feb 23 Cattle closed at $154.775, down $0.250,
Apr 23 Cattle closed at $158.250, down $0.300,
Nov 22 Feeder Cattle closed at $178.275, up $0.050
Jan 23 Feeder Cattle closed at $179.900, down $0.025
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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