Cattle prices are another 32 to 95 cents in the black after seeing a strong bounce on Tuesday. CME data showed net short covering, with net new calls active. Midday feeder cattle futures are also extending the bounce with $1 to $1.47 gains. CME showed net new buying, though by just 207 contracts on Tuesday. Cash trade remains mostly unestablished with some Monday sales near $175. The CME Feeder Cattle Index for 11/27 was $226.96, down by $3.42.
USDA had Wholesale Boxed Beef prices for Wednesday morning at $297.96 for Choice and $264.61 for Select, down by 21c and $1.74 respectively. The Federally Inspected cattle slaughter was listed at 125k head for Tuesday bringing the WTD total to 248k. That compares to 251k head last week and 255k during the same week last year.
Dec 23 Cattle are at $172.200, up $0.550,
Feb 24 Cattle are at $173.475, up $0.650,
April 24 Cattle are at $176.100, up $1.225,
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 $223.125, up $2.075
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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