Cattle Continues Climb on Tuesday
Live cattle futures settled the Tuesday session with contracts up 37 to 55 cents in the nearbys on Tuesday. Cash trade has yet to be reported this week, with most compiling showlists. Last week was reported at $196-197 in the South and $200 in the North. Feeder cattle futures were $2.10 to $2.37 higher in the front months on the day. The CME Feeder Cattle Index was up another $3.66 from the day prior at $272.29 on January 6.
Census data converted to a carcass basis showed November beef exports at 253.1 million lbs, which was a 5% increase over last month and 10.4% larger than last year.
USDA wholesale Boxed Beef prices were mixed in the Tuesday afternoon report, with the Chc/Sel spread tightening to $20.36. Choice boxes were down $1.31 at $325.79/cwt and Select $2.10 higher @ $305.43. USDA estimated federally inspected cattle slaughter for Tuesday at 126,000 head, taking the weekly total to 235,000 head. That is down 10,000 head from last week but up 46,329 head from the same week last year.
Feb 25 Live Cattle closed at $195.575, up $0.375,
Apr 25 Live Cattle closed at $197.775, up $0.500,
Jun 25 Live Cattle closed at $192.775, up $0.550,
Jan 25 Feeder Cattle closed at $268.400, up $2.100,
Mar 25 Feeder Cattle closed at $267.925, up $2.375,
Apr 25 Feeder Cattle closed at $268.475, up $2.275,
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.