Fat cattle futures are mixed but mostly higher so far for Monday. The August ’23 contract is down by a nickel, but in-delivery Dec is trading 67 cents higher. USDA confirmed some catch up trade on Friday, steady to $2 lower from $153-$155 in the South and mostly near $156-$157 in the North.
Feeder cattle futures are down at midday to start the new week, giving back 32 to 57 cents in the front months. USDA’s OKC Auction review showed decent demand with 11.2k feeders sold (compared to 14k last week and 14.7k last year). Of the sale’s total, 52% were steers and 74% were under 600lbs. The CME Feeder Cattle Index weakened by a penny on 12/08 to $179.22.
Wholesale Boxed Beef prices were higher in Monday’s AM report, with Choice up by $5.76 yo $254.69 and Select up by $3.53 to $224.79. USDA estimated the week’s FI cattle slaughter at 652k head through Saturday. That is down 11k head from last week, and 16k head lighter yr/yr. The full year’s slaughter reached 31.954m head, a 1.4% lead over last year’s pace.
Dec 22 Cattle are at $154.400, up $0.725,
Feb 23 Cattle are at $156.050, up $0.500,
April 23 Cattle are at $159.725, up $0.375,
Jan 23 Feeder Cattle are at $183.350, down $0.575
Mar 23 Feeder Cattle are at $184.625, down $0.475
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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