Cattle went home mixed on the first trade day of the week. The ’23 contracts were down by 10 to 12 cents, while the ’24 contracts closed up by as much as 35 cents. The feeders were 22 to 82 cents weaker on the day. USDA reported limited cash sales for Monday, as last week’s market was mostly $185-$186 in the North and mostly $183 for the South. The CME Feeder Cattle Index was up 83 cents to $254.06 on 9/22.
The monthly CoF report showed 11.094m head of cattle in 1,000+hd feedlots on 9/1. That was a 2.18% drop from Sep ’22, near the 2.3% drop traders expected. NASS had August placements at 2.003m head, which was 5.1% lower yr/yr compared to the 6.7% expected drop. Marketings were down 6% to 1.884m head. Survey respondents were looking for a 5.3% drop on average.
USDA’s Wholesale Boxed Beef prices from Monday afternoon were mixed with a $1.85 drop in Choice and a 2 cent increase for Select. USDA estimates Monday’s FI cattle slaughter at 127k head. That was 6k more than last week, and was up 4k from the same week last year.
Oct 23 Cattle closed at $186.975, down $0.100,
Dec 23 Cattle closed at $191.225, down $0.125,
Feb 24 Cattle closed at $195.900, up $0.350,
Sep 23 Feeder Cattle closed at $253.875, down $0.225
Oct 23 Feeder Cattle closed at $258.825, down $0.325
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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