Live cattle ended the session ~40 cents off their highs on $0.60 to $1.82 gains. The June contract flipped back to net positive for the week’s net move after fading Monday and Tuesday, and saw a new LoC high. USDA reported TX cash sales near $171 on Wednesday with $180 - $182 in NE. The Wednesday FCE auction had 828 head of feeders listed and sold 396 TX heifers, one pen for $171.50 and another for $174.
The front month feeder cattle futures market was $0.87 to $1.17 higher on Wednesday. The CME Feeder Cattle Index was 60 cents higher on 5/23 to $207.36.
Monthly NASS data showed 448m lbs of beef in cold storage for April. That was a 6.3% decline month/month and was 4.4% below April ’21.
USDA’s Wednesday Wholesale Boxed Beef quotes were $298.30 cwt. for Choice and $283.79 for Select. That was a $2.44 drop for Choice and a $2.51 increase for Select, tightening the Chc/Sel spread to the lowest since April 19th. Choice ribs were $425.35 and Select ribs were quoted at $381.57 cwt. in the PM report. USDA estimates the week to date FI cattle slaughter at 377k head, compared to 379k last week and 375k during the same week last year.
Jun 23 Cattle closed at $166.100, up $1.825,
Aug 23 Cattle closed at $164.125, up $1.550,
Oct 23 Cattle closed at $168.375, up $1.200,
May 23 Feeder Cattle closed at $208.975, up $1.175
Aug 23 Feeder Cattle closed at $234.525, up $1.050
Sep 23 Feeder Cattle closed at $237.625, up $0.875
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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