Live cattle are trying to fight the weakness, but midday action has futures down 30 to 55 cents. Cash trade last week was reported at $165 - $168, with a bulk of the trade at $165. The Tuesday FCE online auction showed no sales on the 1,154 head listed, with bids running $163-163.75 and offers of $165. Feeder cattle are the bearish leaders at midday, with strength in corn pressuring contracts 80 cents to $1.50 lower. The CME Feeder Cattle Index was $189.77 on 3/10 after another 94 cent jump.
Wholesale Boxed Beef prices were higher in the Tuesday AM report. Choice was $1.24 higher at $286.10, with Select up $1.72 to $275.34. Monday’s FI cattle slaughter was estimated at 125,000 head by the USDA. That is on par with last week and a 2,000 head increase from the same day last year.
April 23 Cattle are at $163.100, down $0.450,
Jun 23 Cattle are at $157.875, down $0.325,
Aug 23 Cattle are at $157.600, down $0.525,
Cash Cattle Index was $165.000, from $165.00 last week
Mar 23 Feeder Cattle are at $190.025, down $0.800
April 23 Feeder Cattle are at $195.775, down $1.300
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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