Cattle Rally Back Higher on Tuesday
Live cattle futures were back to rally mode on Tuesday, with gains of $2.10 to $3.05. Cash trade has yet to get kicked off this week, after strengthening to $228-$230 in the South and $240-241 in the North. Feeder cattle posted a Turnaround Tuesday bounce, with contracts up $2.70 to $2.90. The CME Feeder Cattle Index was back up $1.21 to $321.10 on July 14. The weekly OKC feeder cattle auction saw sales on 6,680 head with price action listed mostly $10-25 higher.
USDA Wholesale Boxed Beef prices were mixed in the Tuesday PM report, with the Chc/Sel spread widening to $15.14. Choice boxes were up 65 cents to $377.72, while Select was quoted $2.00 lower at $362.58/cwt. USDA estimated cattle slaughter for Tuesday at 118,000 head, with the weekly total at 230,000. That was 2,000 head below last week and 10,090 head lower vs. the same week last year.
Aug 25 Live Cattle closed at $222.400, up $3.050,
Oct 25 Live Cattle closed at $219.275, up $2.500,
Dec 25 Live Cattle closed at $219.600, up $2.150,
Aug 25 Feeder Cattle closed at $322.275, up $2.800,
Sep 25 Feeder Cattle closed at $322.375, up $2.800,
Oct 25 Feeder Cattle closed at $320.475, up $2.775,
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.