Cattle Pulling Back on Wednesday
Live cattle futures are down $1 to $1.65 at midday. Cash action is off to an earlier start this week, with light $218-220 sales reported in the South already, steady to $2 higher than last week. The weekly Central Stockyards Fed Cattle Exchange online auction showed a total of 675 head sold of the 1,350 offered in a range of $219-221. Feeder cattle futures are trading with $1.40 to $1.90 losses at midday. The CME Feeder Cattle Index was back up 38 cents on May 5, with the average price at $293.78.
USDA’s National Wholesale Boxed Beef prices were higher again on Wednesday morning, with the Chc/Sel spread narrowing to $12.19. Choice boxes were up $1.43 at $346.10, while Select was quoted 94 cents higher at $333.91 per hundred pounds. USDA’s Federally inspected cattle slaughter for Tuesday was estimated at 121,000 head, with the week to date total at 230,000 head. That is 6,000 head above the week prior but down 11,056 head from the same week last year.
Jun 25 Live Cattle are at $212.050, down $1.625,
Aug 25 Live Cattle are at $207.875, down $1.500,
Oct 25 Live Cattle are at $205.825, down $1.050,
May 25 Feeder Cattle are at $293.825, down $1.875
Aug 25 Feeder Cattle are at $297.675, down $1.525
Sep 25 Feeder Cattle are at $296.400, down $1.475
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.