Fat cattle are up by $1.85 across the front months and by $1 to $1.10 across the deferred contracts. Feeders are also extending the relief rally bounce by $1.37 to $2.35 through Wednesday’s midday. Cash cattle sales were mostly unestablished, with some $178 sales in the WCB. The CME Feeder Cattle Index was $2.76 weaker to $228.64 for 11/13.
Analysts are looking for Friday’s CoF report to show between a 0.9% and a 2.4% increase to Nov 1 ‘22’s inventory. The average trade guess is +1.8%, or ~11.907m head. Estimates for cattle marketed in October range from 1.5% to 3% below October ’22, with -2.1% expected on average. The average trade guess is to see a 4.9% larger October placement year/year, though the full range is from -0.2% to +8%.
Wholesale Boxed Beef was stronger in the midweek update. Choice was up by $2.61 and Select was up by $1.41. Tuesday’s FI cattle slaughter was 126k head, for a WTD total of 251,000 head. That compares to 247k head last week and 256k head last year.
Dec 23 Cattle are at $177.650, up $1.800,
Feb 24 Cattle are at $178.700, up $1.825,
April 24 Cattle are at $180.475, up $1.675,
Cash Cattle Index was $180.080, from $180.00 last week
Nov 23 Feeder Cattle are at $229.500, down $0.550
Jan 24 Feeder Cattle are at $230.550, up $1.550
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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