Live cattle continued the weakness from Monday, with contracts down 45 to 55 cents in the front months. 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 were the bearish leaders on Tuesday, with strength in corn pressuring contracts 90 cents to $1.32 lower. The CME Feeder Cattle Index was $189.51 on 3/13, down 26 cents from the day prior.
Wholesale Boxed Beef prices were higher in the Tuesday afternoon report. Choice was $1.05 higher at $285.91, with Select up 94 cents to $274.56. Tuesday’s FI cattle slaughter was estimated at 127,000 head by the USDA, even with last week. That brings the WTD total to 252,000 head, even with a year ago but 5,000 head above from the same week last year.
Apr 23 Cattle closed at $163.050, down $0.500,
Jun 23 Cattle closed at $157.750, down $0.450,
Aug 23 Cattle closed at $157.575, down $0.550,
Mar 23 Feeder Cattle closed at $189.925, down $0.900
Apr 23 Feeder Cattle closed at $195.750, down $1.325
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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