Live cattle futures settled off their highs for the midweek close, but were still up by $0.62 to $1.05. Dec contracts still had a net weekly $4.47 loss through Wednesday. Front month feeder cattle were also boosted on Wednesday, finishing the session up by $1.57 to $2.32 across the nearby months. Jan feeders are still down a net $6.97 for the week through Wednesday. Cash trade for the week remains light, though some WCB sales were confirmed near $180-$182 on Wednesday. The CME Feeder Cattle Index for 11/07 was 76 cents lower to $238.13.
Both the weekly Export Sales report (7:30 central) and the WASDE (11) will be released today.
Wholesale Boxed Beef prices were mixed in the Wednesday afternoon report, as Choice dropped by $1.63 and Select was $1.55 higher. USDA estimates FI cattle slaughter at 371k head for the week through Wednesday. That is 1,000 head behind last week and is 7,000 below the same week last year.
Dec 23 Cattle are at $179.400, up $0.625,
Feb 24 Cattle are at $179.475, up $1.050,
April 24 Cattle are at $181.625, up $1.025,
Cash Cattle Index was $185.000, from $185.50 last week
Nov 23 Feeder Cattle are at $234.550, up $2.325
Jan 24 Feeder Cattle are at $232.775, up $1.950
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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