Despite a bear friendly report, the cattle futures market is trading with triple digit gains of as much as 1.7%. Feeder cattle are leading the way through midday with gains of over 2% as the Jan contract is up by $5.02 and now in the black for the week’s move. USDA had the Thursday cash market from $166-170, though action was light and the bulk remains near $170-171.The CME Feeder Cattle Index for 12/06 was back down by $1.92 to $222.31.
The WAOB left the 2023 beef output at 26.932 billion lbs, in today’s WASDE report, but raised 2024 production to 25.99 billion lbs. That came via a 60m lb increase to Q1, a +45m for Q2, and a +75m for Q3.
The Boxed Beef report had Choice at $289.84 after a 72 cent drop and Select at $258.83 after weakening by $1.07. USDA reported the FI cattle slaughter at 502k head through Thursday, compared to 494k head last week and 504k head during the same week last year.
Dec 23 Cattle are at $164.125, up $1.775,
Feb 24 Cattle are at $164.575, up $2.050,
April 24 Cattle are at $167.850, up $1.900,
Cash Cattle Index was $170.740, from $175.00 last week
Jan 24 Feeder Cattle are at $214.100, up $3.825
Mar 24 Feeder Cattle are at $214.875, up $3.700
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.
/NVIDIA%20Corp%20logo%20on%20phone-by%20Evolf%20via%20Shutterstock.jpg)
/Semiconductor%20chip%20by%20Mykola%20Pokhodzhay%20via%20iStock.jpg)