After two rounds of futures trading the Dec cattle contract is at a net 40 cent loss for the week, with Feb 32 cents in the red. Tuesday settled with the board back up by 10 to 27 cents, but off the intra-day highs. Central Stockyard’s FCE had 1,691 head listed, with no sales between $153 bids and $155 asks. Cash trade was still unestablished through Tuesday.
Feeder cattle settled Tuesday with a triple digit gain in Jan, but 42 to 57 cent gains in the other front months. Jan is still a $3.17 discount to March, and at a 30 cent loss WTD on the board. The USDA’s OKC Feeder Auction review had $1-$3 higher for feeder steers and $3-$7 stronger steer calve sales, though volumes were slightly lower. The 11/25 Feeder Cattle Index from CME was up $3.56 to $177.19.
Wholesale Boxed Beef prices were mixed in the PM report, widening the Chc/Sel spread to $28.92. Choice boxes were 21 cents higher as Select dropped $2.71. The Chc/Sel spread for the rib primal was $144.51 with Choice ribs shown $516.67 cwt. USDA estimated Tuesday’s FI cattle slaughter at 128k head, for a week to date total of 256k. That trails last week by 1k head but is up 11k head from the same week last year.
Dec 22 Cattle closed at $152.675, up $0.100,
Feb 23 Cattle closed at $154.800, up $0.125,
Apr 23 Cattle closed at $158.575, up $0.125,
Jan 23 Feeder Cattle closed at $178.000, up $1.125
Mar 23 Feeder Cattle closed at $181.175, up $0.575
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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