After hitting new lows for the move, live cattle are rebounding triple digits with Feb up by 2.6%. Most of Monday’s action was compiling showlists, with a few $175 cleanup sales reported in the South. Feeder cattle prices are also bouncing for a turnaround Tuesday with 3.1% to 3.6% gains. USDA reported 5.7k head of feeder cattle were sold in the OKC Auction Review, as prices were +/- $3, though heifer calves were up $4-8. The CME Feeder Cattle Index was up $4.40 on November 24 to $230.38, now a positive basis for hedgers.
USDA had Wholesale Boxed Beef prices were again weaker on Tuesday morning with a 35 cent drop for Choice and an 8 cent weaker Select quote. lower in the Monday afternoon report. Choice boxes were down 78 cents to $297.2538, with Select 96 cents lower to $267.80. That widened the Chc/Select spread to $29.45. Federally Inspected cattle slaughter for Monday was 123,000 head. That was a 2,000 head drop vs. last week and down 4,000 head compared to the same Monday last year.
Dec 23 Cattle are at $172.475, up $3.700,
Feb 24 Cattle are at $173.575, up $4.750,
April 24 Cattle are at $175.400, up $4.725,
Cash Cattle Index was $177.000, from $178.00 last week
Nov 23 Feeder Cattle are at $228.640, down $0.735
Jan 24 Feeder Cattle are at $220.850, up $8.050
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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