The back and forth action for cattle futures has the board triple digits higher for Friday’s midday. The front months are trading $1.05 to $1.42 in the black. USDA confirmed Thursday’s cash trade was $175 to $178, with the bulk near $178. Feeder cattle are also working higher, though gains are limited to $1.15 across the front months. The CME Feeder Cattle Index increased 41c to $228.76 for 11/15.
Analysts are looking for this afternoon’s CoF report to show between a 0.9% and a 2.4% increase in On Feed numbers vs. November 2022. 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 of ideas is from -0.2% to +8%.
Wholesale Boxed Beef prices were mixed in the Friday morning report, with Choice 94 cents weaker and Select $2.21 higher. USDA’s FI cattle slaughter for the week through Thursday was 495k head. That was 2k head above the same week last year, but compared to 512k head during the same week last year.
Dec 23 Cattle are at $175.725, up $0.975,
Feb 24 Cattle are at $176.625, up $1.300,
April 24 Cattle are at $178.225, up $1.125,
Cash Cattle Index was $178.000, from $180.08 last week
Nov 23 Feeder Cattle are at $229.375, down $0.050
Jan 24 Feeder Cattle are at $228.400, up $0.900
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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