Live cattle futures fell in tandem with the other ag futures, ending the session $1.77 to $2.02 in the red. The feeder cattle market settled lower by $0.80 to $2.87. USDA reported cash trade from $183 - $187 with most sales near $185 in the North. TX sales remain unestablished through Thursday. The CME Feeder Cattle Index from 9/20 was 67 cents higher to $254.09.
Analysts expect NASS to report a 2.3% lower inventory of ~11.023m head after the close. The full range of estimates for Sep 1 is from -3.1% to -1% from Sep ’22. Placements are expected to be 6.7% lower yr/yr on average. The average estimate for marketings is to be 94.7% of LY.
FAS data had 13,746 MT of beef sold for export during the week that ended 9/14. The report included 15,166 MT exported for a YTD total of 584,877 MT.
Wholesale Boxed Beef prices were reported 67 cents higher in Choice and 32 cents stronger in Select. USDA estimated the week’s FI cattle slaughter at 498k head through Thursday. That is down 4k head from last week and is 13k head behind the same week last year.
Oct 23 Cattle closed at $184.975, down $1.800,
Dec 23 Cattle closed at $189.500, down $2.025,
Feb 24 Cattle closed at $194.075, down $1.775,
Sep 23 Feeder Cattle closed at $253.275, down $0.900
Oct 23 Feeder Cattle closed at $257.775, down $2.800
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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