Cattle Regain Strength to Round Out Week
Cattle futures are continuing to shrug off the Wednesday overreaction, as contracts are up another 60 cents to $1.52 at midday. Cash trade kicked off on Thursday with a steady/higher note this week, as the South was at $182 in TX and $182-184 in KS on Friday, even to $2 above a week ago. Northern trade was reported at $184-185, $1-2 higher on the week. Feeders settled with $2.15 to $2.45 gains. The CME Feeder Cattle index was back up $2.51 on April 24 to $245.15.
USDA’s Wholesale Boxed Beef prices were mixed again in the Friday PM report. Choice boxes were $0.22 higher at $297.14, with Select down $0.94 at $288.72. USDA estimated cattle slaughter at 113,000 head for Friday, taking this week’s total to 613,000 head. That was down 7,000 head from the previous week and 13,000 head below the same week last year.
Apr 24 Live Cattle closed at $184.675, up $0.725,
Jun 24 Live Cattle were at $178.575, up $0.775,
Aug 24 Live Cattle closed at $176.775, up $0.725,
May 24 Feeder Cattle settled at $248.70, up $2.45
Aug 24 Feeder Cattle were at $260.55, up $2.25
Sep 24 Feeder Cattle closed at $261.575, up $2.15
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.