Cattle Rallying on Thursday, with Stronger Cash Bids
Live cattle futures are trading with midday strength, as contracts are up 50 cents to $2.35. Cash trade has been quiet this week, with Thursday’s Central Stockyards Fed Cattle Exchange auction showing sales of $191 on a couple TX lots using their BidTheGrid™. Outside of that, there have been bids of $190 in the South. Feeder cattle futures are up 27 cents to $1.52. The CME Feeder Cattle Index was up 63 cents at $258.39 on July 23.
Export Sales data from this morning totaled 13,400 MT during the week that ended on July 18 a 13% decline from last week. Actual sales totaled 16,300 MT, a 5% increase on the week.
USDA wholesale Boxed Beef prices were back higher in the Thursday AM report, with Choice boxes down 40 cents at $313.08 and Select products $1.36 higher @ $295.32. The Chc/Sel spread has narrowed to $17.76. USDA estimated Wednesday FI slaughter at 122,000 head, putting the week to date at 360,000. That is even with last week and 12,352 head from a year ago.
Aug 24 Live Cattle are at $188.650, up $1.750,
Oct 24 Live Cattle are at $188.625, up $2.350,
Dec 24 Live Cattle are at $188.900, up $1.625,
Aug 24 Feeder Cattle are at $258.650, up $1.525
Sep 24 Feeder Cattle are at $257.550, up $0.850
Oct 24 Feeder Cattle are at $256.900, up $0.525
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.