The Turnaround Tuesday for cattle flipped the board into the black for the week. Futures rebounded by $1.35 to $1.90 across the front months. Feeders led the way with 1.7% to 2% gains of as much as $4.17 per cwt. There were no confirmed cash trades on Monday, with cash trade last week mostly $174-$175. The 12/04 CME Feeder Cattle Index firmed up by 51 cents to $223.78.
USDA’s Wholesale Boxed Beef prices dropped triple digits on Tuesday afternoon, with a $1.24 drop for Choice and a $3.70 decrease in Select. USDA reported the FI cattle slaughter at 126k head for Tuesday. That set the week’s total to 251,000 head, compared to 248k last week and 254k during the same week last year.
Dec 23 Cattle closed at $168.500, up $1.250,
Feb 24 Cattle closed at $168.975, up $1.900,
Apr 24 Cattle closed at $171.500, up $1.800,
Jan 24 Feeder Cattle closed at $214.700, up $4.175
Mar 24 Feeder Cattle closed at $217.475, up $3.900
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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