Thursday’s fat cattle futures market settled with 65c to $1.15 losses. The April contract saw a $1.30 range on the day, but mostly to the downside. Feeder cattle were mixed at the close, giving back their midday gains and going home within 30c of UNCH. USDA confirmed some light cash activity near $165 in the WCB; the week’s full range was shown from $163 to $165 on light volumes. The CME Feeder Cattle Index was 98 cents stronger to $183.04 on 3/01.
The weekly Export Sales report showed 8,084 MT of beef was booked during the week that ended 2/23. That was a calendar low, with Mexico notably absent (booking only 400 MT). Beef exports for the week were 16,086 MT, a 4% drop wk/wk to bring the accumulated shipment to 124,631 MT.
Wholesale Boxed Beef prices were higher in USDA’s PM report, with Choice up by 67 cents and Select $1.15 higher. Federally inspected cattle slaughter was estimated at 501,000 head for the week through Thursday. That is 23k head more than last week, but trails the same week last year by 1,000.
Apr 23 Cattle closed at $164.100, down $1.025,
Jun 23 Cattle closed at $159.450, down $1.150,
Aug 23 Cattle closed at $158.725, down $0.950,
Mar 23 Feeder Cattle closed at $188.575, up $0.275
Apr 23 Feeder Cattle closed at $193.850, down $0.000
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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