Feeders Were the Leaders to Start the Short Week
Live cattle posted gains of 45 cent to $1.40 on the Tuesday session. Cash trade last week saw action at $187 in the south, with trade in the north mainly at $192, with some coming in at $193.50. Feeders were the leaders on the day, with contracts up $2.90 to $4.375, after the CoF report from Friday confirmed a slowdown to feeder supplies. The CME Feeder Cattle index was down $1.30 on May 24 to $248.84.
Crop Progress data showed pasture ratings across the US at 48% gd/ex, down 1% from last week. That translates to a 326 on the Brugler500 index, down 5. A weighted score of beef cow states indicate some improvement, up 2 points to 344.
USDA’s Wholesale Boxed Beef prices were higher on Tuesday afternoon. Choice boxes were up $1.67 at $312.12, with Select $1.71 higher to $303.43. The Chc/Sel spread is now at $8.69. USDA estimated Tuesday’s FI cattle slaughter at 123,000 head. That is up 1,000 head from last Tuesday and down 5,978 head from the same Tuesday last year.
Jun 24 Live Cattle closed at $184.550, up $0.850,
Aug 24 Live Cattle closed at $181.825, up $0.700,
Oct 24 Live Cattle closed at $184.400, up $0.450,
Aug 24 Feeder Cattle closed at $264.600, up $4.375,
Sep 24 Feeder Cattle closed at $265.700, up $3.950,
Oct 24 Feeder Cattle closed at $266.250, up $3.700,
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.