Feeders are trading +$3 higher with 1.2% to 1.4% gains so far on Thursday. Fats are also in the black so far, though gains are limited to 0.6% at midday. USDA confirmed light cash market action on Wednesday, but it was not enough to establish a market. The CME Feeder Cattle Index on 10/31 was 2 cents higher to $237.25.
USDA’s Export Sales report had 17k MT of beef bookings for the week that ended 10/26. That was down wk/wk but remained above the rolling 4-week average led by 6k MT sold to China. The weekly update also showed 1.7k MT sold for 2024, for a total forward book of 7.6k MT. Weekly shipments were 14k MT for a season total of 672,457 MT.
The Thursday morning Boxed Beef quotes were $303.89 and $273.53 after Choice was $1.71 higher and Select fell by $5.02. USDA estimated the FI cattle slaughter at 372k head for the week through Wednesday. That is 5k head below last week and compares to 386k head during the same week last year.
Dec 23 Cattle are at $184.525, up $0.900,
Feb 24 Cattle are at $186.200, up $1.025,
April 24 Cattle are at $188.675, up $1.125,
Cash Cattle Index was $185.500, from $185.50 last week
Nov 23 Feeder Cattle are at $242.025, up $3.450
Jan 24 Feeder Cattle are at $241.500, up $3.475
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.
