Live cattle futures faded by $0.77 to $1.45 across the front months. Feb saw a $1.43 range on the day, and closed just a nickel off the bottom. USDA confirmed some light cash cattle trade on Wednesday from $165 to $168 with the bulk of action in the South and down by $1-$6 from last week. The CME Feeder Cattle Index weakened another $2.32 weaker to $216.05 for 12/11.
Wholesale Boxed Beef prices were $1.14 weaker in Choice, but up by 55 cents in Select on Wednesday afternoon. That had the Chc/Sel spread at $32.43. USDA’s FI cattle slaughter estimate was 380k head for the week through Wednesday, up by 4k head for the week and 17k head more than the same week last year.
Feb 24 Cattle closed at $167.225, down $1.375,
Apr 24 Cattle closed at $170.950, down $1.450,
Jun 24 Cattle closed at $168.275, down $1.200,
Jan 24 Feeder Cattle closed at $217.375, down $1.875
Mar 24 Feeder Cattle closed at $217.850, down $1.750
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.
