Live cattle futures are down $3.85 to $5.10 so far on Wednesday. Cash trade has been quiet this week, with last week settling in at $240-241 across the country. The Wednesday morning Fed Cattle Exchange online auction showed no sales on the 1,646 head offered with bids at $238. Feeder cattle futures are down $8.50 to the $9.25 limit across the board, follow a post from President Trump shortly before noon CDT. The CME Feeder Cattle Index was back down $3.16 at $372.99 on October 20.
At midday on Wednesday President Trump posted that cattle producers need to “get their prices down.” Very little substance was in the post, though the market is not liking it.
USDA Wholesale Boxed Beef prices were mixed in the Wednesday morning report, widening the Chc/Sel spread at $19.36. Choice boxes were down $1.21 to $370.72, while Select was 41 cents higher at $352.98. USDA federally inspected cattle slaughter for Tuesday was estimated at 117,000 head, with the weekly total at 209,000 head. That is 17,000 head below last week and 34,432 shy of the same week last year.
Oct 25 Live Cattle are at $239.825, down $3.850,
Dec 25 Live Cattle are at $240.500, down $4.925,
Feb 26 Live Cattle are at $241.200, down $5.075,
Oct 25 Feeder Cattle are at $364.425, down $8.500
Nov 25 Feeder Cattle are at $364.225, down $9.250
Jan 26 Feeder Cattle are at $361.025, 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.
