Cattle futures rallied back triple digits on Tuesday bringing the nearby June contract to $2.72 above last week’s low and back to within $2.35 of the contract high. Feeder cattle were also sharply higher, rallying 1.3% with $3 gains on the day. USDA reported light cash activity on Tuesday with limited $177 trade in the WCB. Tuesday’s Fed Cattle Exchange showed no sale on the 1,907 head offered, with bids of $170-171 and asks of $172-176. The 5/8 CME Feeder Cattle Index was $199.42, back down by 59 cents.
USDA’s Boxed Beef prices were $1.18 weaker for Choice and 23 cents lower in Select. USDA estimated Tuesday’s FI cattle slaughter at 128k head. That has the WTD total at 254k head, compared to 250k last week and 243k during the same week last year.
Jun 23 Cattle closed at $163.925, up $1.500,
Aug 23 Cattle closed at $161.550, up $1.475,
Oct 23 Cattle closed at $165.325, up $1.200,
May 23 Feeder Cattle closed at $205.925, up $2.500
Aug 23 Feeder Cattle closed at $226.125, up $3.025
Oct 23 Feeder Cattle closed at $232.000, up $3.000
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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