Live cattle futures are trading with 60 to 90 cent losses at midday. Cash trade has picked up a few at $355-360 dressed and $223-227. The Friday morning Fed Cattle Exchange online auction showed no sales on the 1,520 head offered, with bids of $223 to $224. Feeder cattle futures are down 62 cents to $1.50 across most contracts at midday, pulling off early lows. The CME Feeder Cattle Index was down another 51 cents on August 19 to $341.85.
Early this morning President Trump stated the US “will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariffs” for 90 days.
Cattle on Feed data will be released this afternoon, with traders looking for July placements down 6.7% and marketings down 7.2% from a year ago. August 1 on feed data is seen up 2.4%.
Wholesale Boxed Beef prices were lower in the Friday AM report, with the Chc/Sel narrowing to $22.73. Choice boxes were down $3.79 at $386.14, with Select 33 cents lower to $363.41. USDA’s Federally inspected cattle slaughter for Thursday was estimated at 103,000 head, taking the total to 412,000 head for the week. That is down 4,000 head from the previous week and 39,893 head below the same week last year.
Aug 26 Live Cattle are at $222.750, down $0.600,
Oct 26 Live Cattle are at $217.125, down $0.875,
Dec 26 Live Cattle are at $217.675, down $0.600,
Aug 26 Feeder Cattle are at $334.025, down $1.275
Sep 26 Feeder Cattle are at $327.425, down $1.500
Oct 26 Feeder Cattle are at $322.075, down $0.625
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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