Live cattle futures were solidly higher on Tuesday, settling $1.20 to $2.37 higher and led by nearby August futures. August is being supported by cash cattle prices that are above the board, and substantially so in the north. Last week’s cash trade was 187-188.50 across the south. In the north, trade was $196-198, steady to down $2 from the week prior. Feeder cattle futures followed the fats higher on Tuesday, settling with gains of $1.65 to $2.35. The CME Feeder Cattle Index was up $1.07 at $257.74 on July 22.
USDA wholesale Boxed Beef prices were lower in the PM report, with Choice boxes down 23 cents at $313.21 and Select product $1.67 lower @ $296.66. The Chc/Sel spread was $16.55. USDA estimated Tuesday FI slaughter at 123,000 head, putting the week to date at 238,000 vs. 248,000 head for the same Tuesday a year ago.
Aug 24 Live Cattle closed at $186.300, up $2.375,
Oct 24 Live Cattle closed at $186.125, up $1.525,
Dec 24 Live Cattle closed at $187.400, up $1.375,
Aug 24 Feeder Cattle closed at $258.750, up $2.350,
Sep 24 Feeder Cattle closed at $258.600, up $2.100,
Oct 24 Feeder Cattle closed at $258.425, up $2.175,
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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