Live cattle futures are holding near steady on Tuesday, with the front months $1.12 higher to 90 cents lower. Cash trade started a little early this week, falling $5-9 in NE to $230 on Monday. Tuesday bids are showing up at $228-230. Both live cattle ($10.75) and feeder cattle ($13.75) have another round of expanded limits on Tuesday after using them on Monday.
Feeder cattle futures are falling $2.22 to $7.05 in the nearbys, with contracts January and beyond down $11.57 to near the $13.75 limit. The CME Feeder Cattle Index was back up 47 cents at $367.55 on October 24. The weekly OKC feeder cattle auction had 3,555 head sold, with price action down $30-40 for feeders and calves down $40-50.
Early on Tuesday morning, the president made more comments that we have to get beef prices down and that maybe ranchers are doing too well.
USDA Wholesale Boxed Beef prices were mixed in the Tuesday AM report, with the Chc/Sel spread at $17.32. Choice boxes were up 80 cents to $378.68, while Select was 30 cents lower at $361.36. USDA federally inspected cattle slaughter for Monday at 105,000 head. That is 13,000 head above last week but 15,390 shy of the same week last year.
Oct 25 Live Cattle are at $229.950, up $1.125,
Dec 25 Live Cattle are at $226.275, down $0.900,
Feb 26 Live Cattle are at $223.525, down $0.475,
Oct 25 Feeder Cattle are at $343.275, down $2.225
Nov 25 Feeder Cattle are at $331.400, down $7.050
Jan 26 Feeder Cattle are at $322.850, down $11.575
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.
