Front month fat cattle closed the midweek session with gains of $0.92 to $1.27. The feeder cattle futures were $0.55 to $1.30 higher on the day. Cash trade remains light for the week, with USDA confirming $184-$186 for the WCB in the few confirmed trades. The CME Feeder Cattle Index increased 55 cents to $253.42 on 9/19.
Analysts surveyed expect the monthly NASS report to have a 2.3% lower inventory of ~11.023m head. The full range of estimates for Sep 1 is from -3.1% to -1% from Sep ’22. Placements are expected to be 6.7% lower yr/yr on average. The average estimate for marketings is to be 94.7% of LY.
USDA’s Wholesale Boxed Beef Report had Choice boxes at $301.26, down by 86 cents, and Select boxes at $278.68 after a $3.10 drop. was $302.12 after a $3.20 drop and Select was $281.78 after a $1.63 decrease. USDA estimated the week’s FI cattle slaughter at 374k head through Wednesday. That compares to 383k head during the same week last year.
Oct 23 Cattle closed at $186.775, up $1.100,
Dec 23 Cattle closed at $191.525, up $1.050,
Feb 24 Cattle closed at $195.850, up $0.925,
Sep 23 Feeder Cattle closed at $254.175, up $0.675
Oct 23 Feeder Cattle closed at $260.575, up $1.225
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.
