Live cattle futures are showing some gains in the front months of $1.05 to $1.15 as cash leads the way. October and other deferred contracts are being pressured by the larger placements, down 22 cents. Cash trade was slow to develop last week, as late sales rolled in a $189-191 in the South, as the North exchanged hands at $197-198. Feeder cattle futures are mixed, anywhere from 32 cents higher to 25 cents lower on the day. The CME Feeder Cattle Index was back up $1.68 on June 20 at $257.47.
Friday’s Cattle on Feed report showed May placements totaling 2.046 million head, a 4.28% increase and above the range of estimates. May marketings were up 0.15% at 1.955 million head. That took the June 1 on feed figure for the month to 11.583 million head, only a 0.06% decline from last year.
USDA wholesale Boxed Beef prices were higher in the Monday AM report. Choice boxes were up a penny to $322.40/cwt, with Select back 72 cents higher at $303.83. The Chc/Select spread narrowed to $18.57. USDA estimated last week’s FI slaughter through Saturday at 620,000 head. That is up 5,000 head from the previous week but 29,478 head below the same week last year.
Jun 24 Live Cattle are at $188.650, up $1.050,
Aug 24 Live Cattle are at $184.300, up $1.150,
Oct 24 Live Cattle are at $183.400, down $0.225,
Aug 24 Feeder Cattle are at $258.700, up $0.325
Sep 24 Feeder Cattle are at $260.100, up $0.200
Oct 24 Feeder Cattle are at $260.575, down $0.050
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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