Live cattle continued the slide on Wednesday, with contracts down 80 cents to $1.50. Cash trade across the country has been reported at $163-164 so far this week, down $1-2. Wednesday morning’s FCE online auction showed no sales on the 1,002 head listed, with bids running $162, down $1 from Tuesday, and offers of $164-165.50. Feeder cattle were weaker again, with contracts down $1.72 to $2.50. The CME Feeder Cattle Index was $189.39 on 3/14, down 12 cents from the day prior.
USDA will release updated Cattle on Feed figures on Friday afternoon, with the average trade estimate for February placements running 6% below a year ago. Feb marketing are seen at a 4.4% drop, with March 1 on feed inventories down 4.5%.
Wholesale Boxed Beef prices were lower in the Wednesday afternoon report. Choice was down $1.64 at $284.27, with Select $1.92 lower to $272.63. Wednesday’s FI cattle slaughter was estimated at 126,000 head by the USDA, even with last week. That brings the WTD total to 378,000 head, even with a year ago but 8,000 head above the same week last year.
Apr 23 Cattle closed at $161.550, down $1.500,
Jun 23 Cattle closed at $156.575, down $1.175,
Aug 23 Cattle closed at $156.350, down $1.225,
Mar 23 Feeder Cattle closed at $188.200, down $1.725
Apr 23 Feeder Cattle closed at $193.250, down $2.500
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.
/Tesla%20Inc%20tesla%20by-%20Iv-olga%20via%20Shutterstock.jpg)
/Broadcom%20Inc%20logo%20on%20building-by%20Poetra_%20RH%20via%20Shutterstock.jpg)
