Live cattle futures were down 32 cents to $1.02 on the Tuesday session. August was the weak link and is now at a $1.70 discount to June and a $4.60 discount to the October contract. Tuesday’s FCE auction sold 256 TX heifers at $170 out of 1,144 head listed. USDA confirmed cash trade remains mostly unestablished through Tuesday. Front month feeder cattle futures were also weaker with $0.85 to $1.42 losses. The May contract was $1.22 higher ahead of Thursday’s last trade day. Midday feeder cattle futures are trading down 52 to 92 cents. The 5/22 CME Feeder Cattle Index was $206.76, up by $2.06.
USDA’s Wholesale Boxed Beef report had Choice $3.16 weaker and Select $2.15 lower in the PM update. USDA estimated Tuesday cattle slaughter at 126k head for a weekly running total of 251,000. That is 2k head behind last week’s pace but matches the same week last year.
Jun 23 Cattle closed at $164.275, down $0.775,
Aug 23 Cattle closed at $162.575, down $1.025,
Oct 23 Cattle closed at $167.175, down $0.975,
May 23 Feeder Cattle closed at $207.800, up $1.225
Aug 23 Feeder Cattle closed at $233.475, down $1.425
Sep 23 Feeder Cattle closed at $236.750, down $1.100
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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