Live cattle futures are facing pressure from falling equities, with contracts down $4 to $4.70 at midday. Friday morning’s Fed Cattle Exchange online auction showed sales at $240-242 on 272 of the 1,224 head. Trade outside of that has been $240 in the North. Feeder cattle futures are falling $7.35 to $8.30 across the front months on Friday. The CME Feeder Cattle Index was down another 34 cents to $368.59 on March 4.
The weekly update from APHIS showed another 8 new cases (4 in bovine) of new world screwworm in Tamaulipas, with the total in the bordering state at 19 active cases.
Wholesale Boxed Beef prices were mixed in the Friday morning report, with the Chc/Sel spread widening to $7. Choice boxes were up 18 cents to $387.07, while Select was $0.54 lower to $380.07. USDA estimated federally inspected cattle slaughter for Thursday at 111,000 head, with the week to date total at 433,000 head. That is 6,000 head above the previous week but 34,756 head shy of the same week last year.
Apr 26 Live Cattle are at $234.125, down $4.400,
Jun 26 Live Cattle are at $230.600, down $4.675,
Aug 26 Live Cattle are at $228.700, down $4.700,
Mar 26 Feeder Cattle are at $355.250, down $7.350
Apr 26 Feeder Cattle are at $351.100, down $7.900
May 26 Feeder Cattle are at $347.250, down $8.275
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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