Live cattle futures are showing $1 to $1.50 gains on Monday as traders ignore the larger placement factor from Friday’s Cattle on Feed report. Last week’s cash trade saw some southern action at $182-185, with northern trade at $184-188. Feeder cattle futures are up $1.12 to $3.15 at midday. The CME Feeder Cattle Index was down 97cents at $241.70 on August 22. The Monday OKC Feeder Cattle Auction is expected to show 6,000 head for sale, above last year and the previous week. Demand so far has been moderate.
The USDA Cattle on Feed report showed July placements at 1.702 million head, up 5.85% from a year ago, with marketings at 1.855 million head and 7.72% above 2023. August 1 on feed inventory was up 0.28% from last year at 11.095 million head.
Cold Storage data showed 407.13 million lbs of beef stocks as of July 31, a 0.2% drop from the end of June and 0.81% below last year.
USDA wholesale Boxed Beef were lower in the Monday morning report. Choice boxes were down 36 cents at $316.98, with Select products $1.45 lower @ $299.01. The Chc/Select spread was widened to $17.97. USDA estimated this week’s federally inspected cattle slaughter at 608,000 head. That is up 6,000 head from the previous week but 18,595 head below the same week last year.
Aug 24 Live Cattle are at $183.550, up $0.975,
Oct 24 Live Cattle are at $177.125, up $1.425,
Dec 24 Live Cattle are at $176.375, up $1.175,
Aug 24 Feeder Cattle are at $243.700, up $1.125
Sep 24 Feeder Cattle are at $241.450, up $2.875
Oct 24 Feeder Cattle are at $237.525, up $3.150
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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