The April contract stayed in a 32c range all afternoon from -42c to -74c, before closing the day 52 cents in the red. The full day’s range was $1.32. The other nearby cattle futures closed 35 to 47 cents in the red, beyond Feb’s 22 cent gain. Feeder cattle futures went home with 50 to 55 cent losses on Thursday, save for the March contract that closed down by $1.10. USDA reported cash trade from $159 - $161, with sales hovering mostly near $160 so far. FCE had 1,176 head listed in their Thursday auction, but saw no sales between $158-$160 bids and $162-$163 asks. The CME Feeder Cattle Index was just a penny higher on 2/14 to $183.07.
USDA reported the week’s beef export sales at 28,149 MT. That was up 71% for the week and was 22% above the same week last year. The week’s exports were 16,748 MT for an accumulated total of 91,826 MT. That is up 8% from last year’s record pace.
Wholesale Boxed Beef prices were stronger again on Thursday afternoon with a $3.88 gain in Choice and a $1.45 increase in Select. The Chc/Sel spread was $16.91 in the PM report. The week’s FI cattle slaughter was 499k head through Thursday, up 5k from last week and 4k from the same week last year.
Feb 23 Cattle closed at $162.775, up $0.225,
Apr 23 Cattle closed at $164.075, down $0.525,
Jun 23 Cattle closed at $159.725, down $0.475,
Mar 23 Feeder Cattle closed at $186.225, down $1.100
Apr 23 Feeder Cattle closed at $190.600, down $0.550
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. For more information please view the Barchart Disclosure Policy here.
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