The cattle futures firmed back up with $0.47 to $0.75 recoveries after the sharp losses last week. Feeder cattle futures were $1 to $1.87 stronger on the day. Jan contracts were ~$1 off the session high at the close. Cash sales for the week were mainly near $181, a $4 drop from last week. The CME Feeder Cattle Index for 11/09 was $235.42 after another $1.59 drop.
Wholesale Boxed Beef prices were mixed on Monday with a $2.61 drop in Choice and a $1.82 increase for Select. That left the Chc/Sel spread at $28.61. Monday’s FI cattle slaughter was estimated at 125k head, compared to 122k last week and 127k head during the same week last year.
Dec 23 Cattle closed at $174.925, up $0.750,
Feb 24 Cattle closed at $175.250, up $0.600,
Apr 24 Cattle closed at $177.450, up $0.525,
Nov 23 Feeder Cattle closed at $230.725, up $1.000
Jan 24 Feeder Cattle closed at $228.300, up $1.875
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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