Cattle futures ended the session with a 7c loss in October and a 10 cent loss in Feb. The other nearbys were stronger, but gains were limited to 17 cents. The feeders were also mixed with losses of as much as 90 cents in Sep, but +/- 30 cents in the others. USDA confirmed some light trade in NE, though volumes were too weak to establish a trend. The 9/08 CME Feeder Cattle Index increased by $1.21 to $250.42.
USDA’s WASDE report showed a 60m lb reduction for Q3 ’23 beef production, but Q4 was upped by 20m lbs to partially offset. That left the 2023 yearly total at 26.941 billion lbs. Expected 2024 output remained unchanged at 25.165 billion.
USDA’s Wholesale Boxed Beef report lowered Choice by $2.08 and Select $1.66 lower. USDA estimated FI cattle slaughter for Tuesday at 127k head, for a weekly total of 252k head. That is down 3k head from the same week last year.
Oct 23 Cattle closed at $184.150, down $0.075,
Dec 23 Cattle closed at $188.450, up $0.175,
Feb 24 Cattle closed at $192.625, down $0.100,
Sep 23 Feeder Cattle closed at $255.325, down $0.900
Oct 23 Feeder Cattle closed at $261.250, down $0.200
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.
