The cattle market ended the day in the red up out through the Dec contract, which was up by 2 cents at the bell. Losses for the nearby contracts were 50 cents off their lows and limited to 75 cents for the day. Feeder cattle posted a triple digit loss for both the March and April contracts. The midweek FCE auction listed 1,136 head, but again saw no sales between $164 bids and $165 asks. Confirmed cash trade remains limited for the week, with some $165 in the WCB. USDA’s OKC Feeder Auction Review showed sales were steady to $2-$5 higher. The 2/27 CME Feeder Cattle Index was 38 cents higher to $182.62.
Brazil exported 126,449 MT of beef in February, down from 158,506 MT last year.
Wholesale Boxed Beef prices weakened on Wednesday as Choice was $1.12 lower and Select was $2.82 weaker. USDA estimated federally inspected cattle slaughter for the week through Wednesday at 376k head, compared to 357k last week and 376k during the same week last year.
Apr 23 Cattle closed at $165.125, down $0.350,
Jun 23 Cattle closed at $160.600, down $0.750,
Aug 23 Cattle closed at $159.675, down $0.575,
Mar 23 Feeder Cattle closed at $188.300, down $1.500
Apr 23 Feeder Cattle closed at $193.850, down $1.225
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.
