Cattle Rally Continuing at Midweek
Live cattle futures are continuing the rally on Wednesday with gains of $1.15 to $1.45 at midday. Early cash action has seen $191 trade reported in KS this week, with trade still to develop in other parts of the country. Wednesday morning’s Central Stockyards Fed Cattle Exchange online auction showed $192-193 sales on 2 lots using the BidTheGrid™ method and $192 live sales for one lot. There were no deliveries issued against December live cattle again on Tuesday. Feeder cattle are showing 90 cent to $1.30 gains at midday. The CME Feeder Cattle Index was down 63 cents from the day prior at $261.62 on December 9.
USDA wholesale Boxed Beef prices were mixed in the Wednesday AM report. Choice boxes were up 21 cents to $311.94/cwt, with Select 64 cents lower @ $279.01. USDA estimated Tuesday’s federally inspected cattle slaughter at 120,000 head, taking the WTD total to 239,000 head. That is 3,000 head below the previous week and down 13,183 from the same week last year.
Dec 24 Live Cattle are at $191.250, up $1.400,
Feb 25 Live Cattle are at $190.475, up $1.450,
Apr 25 Live Cattle are at $191.800, up $1.150,
Jan 25 Feeder Cattle are at $258.225, up $0.900
Mar 25 Feeder Cattle are at $258.725, up $1.275
Apr 25 Feeder Cattle are at $259.350, up $1.000
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.