Live cattle futures saw a bounce on Monday with contracts up $1.60 to $1.82. There were no new deliveries on Monday for October live cattle. Cash trade settled in at $240-241 across the country last week. Feeder cattle futures closed out the Monday session with contracts mixed, as front months were back up 97 cents to $1 and other contracts slipping lower. The CME Feeder Cattle Index was back down 36 cents at $376.15 on October 17. The Monday OKC feeder cattle auction had an estimated 6,800 head sold, with feeders down $5-15. Steer calves were steady with lighter weights up $10-20 and heifer calves down $5-15.
Late on Sunday President Trump was considering buying beef from Argentina, in reference to last week’s comments to lower beef prices.
USDA Wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Chc/Sel spread at $15.72. Choice boxes were up $2.41 to $369.18, while Select was $3.19 higher at $353.46. USDA federally inspected cattle slaughter for Monday week was estimated at 95,000 head. That is 11,000 head above last week but 24,716 shy of the same week last year.
Oct 25 Live Cattle closed at $241.850, up $1.600,
Dec 25 Live Cattle closed at $243.650, up $1.825,
Feb 26 Live Cattle closed at $244.525, up $1.700,
Oct 25 Feeder Cattle closed at $372.950, up $1.000,
Nov 25 Feeder Cattle closed at $372.675, up $0.975,
Jan 26 Feeder Cattle closed at $369.175, down $0.125,
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.
