Nearby fat cattle futures were 27 to 80 cents weaker at the Monday close. The feeder cattle market had triple digit gains of as much as $1.67 across the front months. There are still no deliveries issued against Feb cattle, as CME confirmed the oldest dated long is now 10/20. USDA reported Friday cash trade from $179 to $183, citing a mostly $2-$4 increase for NE with the bulk at $180. USDA reported decent demand for the OKC feeder cattle auction on Monday, noting that 50% of the listing was heifers. The CME Feeder Cattle Index increased by another $3.01 to $246.06.
USDA’s Wholesale Boxed Beef prices were firmer on Monday afternoon with a 4 cent increase in Choice and a $1.94 stronger in Select. Monday’s FI cattle slaughter was 115k head, which was 10k head below last week and was 8.5k head behind the same week last year.
Feb 24 Cattle closed at $184.250, down $0.375,
Apr 24 Cattle closed at $185.925, down $0.800,
Jun 24 Cattle closed at $183.525, down $0.450,
Mar 24 Feeder Cattle closed at $248.825, up $1.675
Apr 24 Feeder Cattle closed at $253.175, up $1.400
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.
