Cattle Slip Back, as Beef Takes a Breather
Live cattle futures are pulling back from early strength, with contracts 57 cents to $1.27 lower. Cash trade has yet to see much action this week, with last week at $221-223 in the South and some up to $225, with business at $234-237 in the North. Feeder cattle futures saw losses of 42 to 52 cents in the nearbys at the close. The CME Feeder Cattle Index was up 35 cents on June 2 with an average price of $301.48.
USDA’s National Wholesale Boxed Beef prices were lower on Tuesday afternoon, with the Chc/Sel spread at $8.92. Choice boxes were back down 56 cents at $365.44, while Select was quoted $1.59 lower at $356.52/cwt. USDA’s Federally inspected cattle slaughter for Tuesday was 121,000 head, with the week to date total at 236,000 head. That is down 5,089 head from the same week last year.
Jun 25 Live Cattle closed at $215.975, down $0.575,
Aug 25 Live Cattle closed at $209.750, down $1.250,
Oct 25 Live Cattle closed at $207.925, down $1.275,
Aug 25 Feeder Cattle closed at $301.225, down $0.525,
Sep 25 Feeder Cattle closed at $300.425, down $0.475,
Oct 25 Feeder Cattle closed at $298.650, down $0.425,
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.
