Cattle Rally Continues on Tuesday
Live cattle futures are posting $1.40 to $1.95 across the front months at midday. There were no deliveries issued for October live cattle on Monday, with the oldest long dated August 7. Cash cattle trade last week closed in on $234-235 for much of the country, $2 higher in the South and up $4-5 in the North.
Feeder cattle futures are up another $4.77 to $5.22 across most contracts on Tuesday. The CME Feeder Cattle Index was up another $1.08 at $369.00 on October 10. Monday’s OKC feeder cattle auction saw 5,163 head sold, with sales noted $10-20 higher for feeder steers and up $5-15 for feeder heifers. Steer calves were up $20-30, with heifers up to $40 higher.
USDA Wholesale Boxed Beef prices were higher in the Tuesday morning report, with the Chc/Sel spread at $14.19. Choice boxes were up 70 cents to $364.61, while Select was 67 cents higher at $350.42. USDA federally inspected cattle slaughter for Monday was estimated at 106,000 head. That is 5,000 head above last week but 13,682 shy of the same Monday last year.
Oct 25 Live Cattle are at $242.000, up $1.425,
Dec 25 Live Cattle are at $246.675, up $1.925,
Feb 26 Live Cattle are at $248.725, up $1.525,
Oct 25 Feeder Cattle are at $380.275, up $4.775
Nov 25 Feeder Cattle are at $381.950, up $5.225
Jan 26 Feeder Cattle are at $378.750, up $5.025
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.
