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Cattle Fading on Wednesday with Weaker Beef Print
Live cattle are fading the Tuesday gains with contracts down $1 to $1.50. Cash trade has yet to develop this week, with the Central Stockyards Fed Cattle Exchange having no sales on the 1,890 head listed. Bids were running $184, with $185-186 asks. Feeders are down $1.95 to $2.40 on the session. The CME Feeder Cattle index was down another 52 cents on May 6 to $239.53.
Wholesale Boxed Beef prices were reported lower in the this morning’s USDA print report. Choice boxes were down $1.79 at $293.70, with Select $3.46 lower to $288.88. That raised the Chc/Sel spread to $7.82. 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 are at $176.500, down $1.125,
Aug 24 Live Cattle are at $174.200, down $1.325,
Oct 24 Live Cattle are at $177.400, down $1.525,
May 24 Feeder Cattle are at $239.775, down $2.375
Aug 24 Feeder Cattle are at $252.025, down $2.400
Sep 24 Feeder Cattle are at $253.050, down $2.400
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.