Cattle Fading Early Session Recovery with Midday Losses
Live cattle are in freefall again on Wednesday after holding up earlier in the session. Contracts are down $1.67 to $2.95 at midday. Cash trade has yet to develop this week. The Central Stockyards online Fed Cattle Exchange auction saw no sales on the 998 head offered, with no bids and asks of $184-185. Last week’s trade was $182-183 in the South, steady to $1 higher. Northern trade was reported at $184-186, steady to $2 higher on the week, with a few trickling in a $187. Feeders are showing losses of $3.95 to $4.32 on the day. The CME Feeder Cattle index was back down 18 cents on April 29 to $247.00.
USDA’s Wholesale Boxed Beef prices were lower again in the Wednesday morning report. Choice boxes were down 45 cents at $293.92, with Select down $1.01 at $288.94. That took the Chc/Sel spread to $4.98. USDA estimated Tuesday’s federally inspected cattle slaughter at 124,000 head, taking the weekly total to 237,000 head. That is 1,000 head below last week and down 12,396 head from the same week last year.
Jun 24 Live Cattle are at $173.300, down $1.675,
Aug 24 Live Cattle are at $170.650, down $2.450,
Oct 24 Live Cattle are at $174.475, down $2.575,
May 24 Feeder Cattle are at $240.625, down $3.950
Aug 24 Feeder Cattle are at $251.175, down $4.325
Sep 24 Feeder Cattle are at $252.275, down $4.200
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.