Live cattle futures are down $3.55 to $6.32 at the midday part of the session. Cash has been widespread at $240 across the country. The Friday Fed Cattle exchange saw 240.50-242 sales on 166 of the 1,184 head offered, with $236-240 bids on other lots. Feeder cattle are down $7.67 in nearby October with other contracts the limit lower. The CME Feeder Cattle Index was up another 63 cents at $375.10 on October 15.
In a Thursday afternoon release, President Trump stated the administration had a plan to bring down the price of beef. No specifics were released on any plan, though the market is taking a risk off approach.
USDA Wholesale Boxed Beef prices were higher in the Thursday afternoon report, with the Chc/Sel spread at $16.64. Choice boxes were up 89 cents to $367.00, while Select was $1.43 higher at $350.36. USDA federally inspected cattle slaughter for Thursday was estimated at 118,000 head, with the weekly total at 466,000. That is 20,000 head above last week but 20,553 shy of the same week last year.
Oct 25 Live Cattle are at $240.400, down $3.550,
Dec 25 Live Cattle are at $242.125, down $5.750,
Feb 26 Live Cattle are at $243.225, down $6.325,
Oct 25 Feeder Cattle are at $372.000, down $7.675
Nov 25 Feeder Cattle are at $371.700, down $9.250
Jan 26 Feeder Cattle are at $369.300, down $9.250
On the date of publication, Austin Schroeder 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.
