Live cattle futures are showing mixed trade with August down a dime and other contracts up 20 to 40 cents leading up to USDA’s Cattle on Feed report. Cash trade crept in earlier this week with some southern trade at $183-184 and northern action at $293-295 in the beef. Feeder cattle futures are up 57 cents to $1 at midday. The CME Feeder Cattle Index was down $1.06 at $242.67 on August 21.
A Reuters survey of analysts shows expectations of July feeder cattle placements up 3.2% from a year ago, as marketings are expected to be 8.1% larger than July 2023. August 1 on feed inventory is estimated as steady with last year. The Cattle on Feed report will be released this afternoon.
USDA wholesale Boxed Beef were higher in the Friday morning report. Choice boxes were up $2.37 at $318.36, with Select products 35 cents higher @ $302.38. The Chc/Select spread was widened to $15.98. USDA estimated Thursday’s federally inspected cattle slaughter at 121,000 head, with the weekly total at 484,000. That is up 8,000 head from the previous week but 6,777 head below the same week last year.
Aug 24 Live Cattle are at $182.450, down $0.100,
Oct 24 Live Cattle are at $176.125, up $0.225,
Dec 24 Live Cattle are at $175.900, up $0.375,
Aug 24 Feeder Cattle are at $242.550, up $0.575
Sep 24 Feeder Cattle are at $239.150, up $0.950
Oct 24 Feeder Cattle are at $235.250, up $1.000
On the date of publication, Austin Schroeder 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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