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Barchart
Barchart
Alan Brugler

Beef Stocks Built 6% Nov-Dec, Cattle Futures to React

Live cattle futures extended the push through Wednesday and closed near the highs for the day – now 38.2% of the way back up from contract highs to their Dec lows. Cash sales were light on Wednesday near $174. Feeder cattle futures were also firmer on Wednesday, but finished off their session highs on 12 to 85 cent gains. USDA’s OKC feeder cattle auction review showed the 5,836 head sold were  mostly $3-$4 higher. The CME Feeder Cattle Index dropped $8.26 to $230.21 on 1/23. 

NASS Cold Storage data released Wednesday afternoon had 485.127m lbs of beef in storage on December 31. That was 6% more than November, but was 11% tighter than Dec ’22. 

USDA’s Wholesale Boxed Beef prices were lower on Wednesday with a $2.16 drop in Choice and a $1.14 drop in Select. Federally inspected cattle slaughter was 126k head on Wednesday for a weekly total of 366k head. That compares to 375k head last year. 

 

Feb 24 Cattle  closed at $175.350, up $0.700,

Apr 24 Cattle  closed at $178.350, up $0.525,

Jun 24 Cattle  closed at $175.450, up $0.500,

Mar 24 Feeder Cattle  closed at $233.775, up $0.125

Apr 24 Feeder Cattle  closed at $239.800, up $0.250

 

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.
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