Live cattle futures are rallying $2.05 to $2.325 at midday. Cash trade has yet to get kicked off this week, after strengthening to $228-$230 in the South and $240-241 in the North. Feeder cattle are showing a Turnaround Tuesday bounce at midday, with contracts up $2.70 to $2.90. The CME Feeder Cattle Index was back down $3.48 to $319.89 on July 11. The weekly OKC feeder cattle auction saw sales on 6,680 head with price action listed mostly $10-25 higher.
USDA Wholesale Boxed Beef prices bounced back in the Tuesday AM report, with the Chc/Sel spread narrowing to $11.92. Choice boxes were up $1.46 to $378.53, while Select was quoted $2.03 higher at $366.61/cwt. USDA estimated cattle slaughter for Monday at 112,000 head. That was 2,000 head below last Monday and 5,427 head lower vs. the same week last year.
Aug 25 Live Cattle are at $222.550, up $3.200,
Oct 25 Live Cattle are at $219.125, up $2.350,
Dec 25 Live Cattle are at $219.525, up $2.075,
Aug 25 Feeder Cattle are at $322.300, up $2.825
Sep 25 Feeder Cattle are at $322.275, up $2.700
Oct 25 Feeder Cattle are at $320.400, up $2.700
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.
