Live cattle futures ended the Thursday session with triple digit losses of 0.7% to 1.1%. The Dec contract now sits $6.75 under the LoC high. Cash trade was shown from $182 to $187 on Thursday with 20k head traded. USDA mentioned the bulk in KS was near $184 and mostly $186 ($294 dressed) for NE. Feeder cattle futures finished the Thursday trading session with $5 losses of over 2%. That was a new low for the move for Nov, now $23 below the contract high. March feeders still have a $4.70 premium built into the market. The 10/18 CME Feeder Cattle Index was $2.27 weaker to $244.83.
The week’s beef bookings were shown at just 425 MT, the lowest weekly total since Nov 2020 led by cancelations from China, Mexico, and Canada. USDA listed the week’s export at 13,650 MT for a YTD total of 644,428 MT.
USDA’s Wholesale Boxed Beef report had Choice boxes 26c stronger to $304.12 and Select boxes 87c lower to $277.48 on Thursday afternoon. The ribs were quoted at $528.8 cwt. and $431.36 respectively. USDA estimated the week’s FI cattle slaughter at 502k head through Thursday, 3k more than last week but 7k head lighter than the same week last year.
Oct 23 Cattle closed at $184.400, down $1.325,
Dec 23 Cattle closed at $185.300, down $1.900,
Feb 24 Cattle closed at $188.950, down $2.125,
Oct 23 Feeder Cattle closed at $243.575, down $3.550
Nov 23 Feeder Cattle closed at $244.500, down $5.225
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.
