Cattle Rally Higher on Monday, as Beef Finds Buying
Live cattle futures were up 85 cents to $2.80 on Monday. Today was first notice day for October live cattle, with no deliveries issued. Cash trade settled in at $230 in the North last week with Southern trade at $233. Feeder cattle futures led the charge higher on Monday, with contracts up $5.22 to $5.50. The CME Feeder Cattle Index was back up $0.90 at $363.47 on October 3. The weekly OKC feeder cattle auction had an estimated 5,500 head for sale. Sales on feeder steers were steady, with heifers firm to $4 higher and lighter heifers down $1-4. Steer calves were up $10-20.
USDA Wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Chc/Sel spread narrowing to $15.37. Choice boxes were up $1.07 at $363.34, while Select was $2.59 higher to $347.97. USDA federally inspected cattle slaughter for Monday was estimated at 101,000 head. That was 12,000 head below last week and 9,385 shy of the same week last year.
Oct 25 Live Cattle closed at $231.875, up $0.850,
Dec 25 Live Cattle closed at $236.675, up $2.175,
Feb 26 Live Cattle closed at $239.625, up $2.800,
Oct 25 Feeder Cattle closed at $362.400, up $5.225,
Nov 25 Feeder Cattle closed at $360.800, up $5.375,
Jan 26 Feeder Cattle closed at $355.200, up $5.475,
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.
