Cattle Pull Back into Midday

Live cattle futures are firm in Dec, but down by as much as 60 cents through the other front months. The FCE auction for Wednesday saw 459 of the 1,327 head listed sold at $155. The others went unsold on no bidding activity. USDA confirmed another light to nonexistent cash trade market on Tuesday. 

Feeder cattle futures are triple digits weaker so far, giving back as much as $2.10 across the front months. The 11/21 Feeder Cattle Index from CME was flat at $174.64. 

USDA Cold Storage data confirmed 509.95m lbs of beef was in the cooler as of the last Saturday in October. That was a 3% drop from September stocks and a new low for the year. Compared to October 2021, stocks were still up 36.2m lbs, but the yr/yr difference was 86.5m lbs last month. 

Wholesale Boxed Beef prices were up by $1.96 in Choice and $1.84 in Select this morning. USDA estimated Tuesday’s federally inspected cattle slaughter at 129k head. That set the week’s total at 257k head, matching last week’s pace.  

Dec 22 Cattle  are at $153.875, up $0.075,

Feb 23 Cattle  are at $155.850, down $0.575,

April 23 Cattle  are at $159.450, down $0.450,

Jan 23 Feeder Cattle  are at $179.675, down $2.000

Mar 23 Feeder Cattle  are at $182.825, down $1.750