Cattle in Rally Mode on Tuesday
Live cattle closed the Turnaround Tuesday session with most contracts 65 cents to $1.27 higher. Cash trade has yet to develop this week, as sales of $184 were reported in the South last week and a few trades in the North in a range of $186-188. Asks so far this week have been in the 186-187 range in the South. Feeders were up 75 cents to $1.67 at the close. The CME Feeder Cattle index was down another 52 cents on May 6 to $239.53.
USDA’s Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report. Choice boxes were down 27 cents at $298.49, with Select $2.59 higher to $292.34. That cut the Chc/Sel spread to $6.15. USDA estimated Tuesday’s federally inspected cattle slaughter at 124,000 head, taking the weekly total to 244,000 head. That is 7,000 head above last week and down 9,442 head from the same week last year.
Jun 24 Live Cattle closed at $177.625, up $0.650,
Aug 24 Live Cattle closed at $175.525, up $1.100,
Oct 24 Live Cattle closed at $178.925, up $1.050,
May 24 Feeder Cattle closed at $242.150, up $0.750,
Aug 24 Feeder Cattle closed at $254.425, up $1.550,
Sep 24 Feeder Cattle closed at $255.450, up $1.575,
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.
