The deferred feeder cattle contracts set new contract highs on Thursday as the market closed up by $1.25 to $2.10. The nearby feeders set new highs for the move, but stayed under their August contract highs – by 70c for April and by $3 for March. Live cattle futures were up early, but ended the day with 17 to 25 cent gains after setting new contract highs. Confirmed cash cattle trade was established near $164, with $258 - $260 in the beef. The 2/22 CME Feeder Cattle Index was $182.57, down by 3 cents.
Brazil is suspending beef exports to China beginning Thursday, after an animal in Para was found to have BSE. More details will be released as they are known, but in 2021 BSE related export suspensions lasted 3 months between Brazil and China.
Wholesale Boxed Beef prices in the PM report were $287.91 (UNCH) in Choice and $275.87 (+$2.23) in Select. Choice ribs were quoted as $466.85 compared to the $408.25 quote for Select. USDA estimated the week’s running cattle slaughter at 478k head, which remains 21,000 below last week’s pace and 5,000 below the same week last year.
Feb 23 Cattle closed at $165.150, up $0.250,
Apr 23 Cattle closed at $165.325, up $0.250,
Jun 23 Cattle closed at $161.275, up $0.175,
Mar 23 Feeder Cattle closed at $189.225, up $1.250
Apr 23 Feeder Cattle closed at $193.675, up $1.925
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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