Cattle Falling Back on Wednesday
Live cattle futures are down 42 cents to $1.25 so far at midday. There still have yet to be any deliveries against April futures expiring today. Cash trade has yet to see much movement this week, with some $214 KS sales and $218 northern bids. The Central Stockyards Fed Cattle Exchange online auction showed sales on 40 of the 1,028 head offered at $216 in IA using their BidTheGrid™ method. Other bids were $209-210. Feeder cattle futures are falling $1.80 to $2.15. The CME Feeder Cattle Index was back up $1.43 on April 28, with the average price at $295.14.
USDA’s National Wholesale Boxed Beef report showed lower action on Wednesday morning, as the Chc/Sel narrowed back to $22.61. Choice boxes were down $2.49 at $345.77/cwt, with Select down 67 cents to $323.15. Federally inspected cattle slaughter was estimated at 120,000 head for Tuesday, with the weekly total at 224,000. That is 4,000 head below the week prior and down 11,342 head from the same week last year.
Apr 25 Live Cattle are at $215.925, down $0.425,
Jun 25 Live Cattle are at $209.025, down $1.175,
Aug 25 Live Cattle are at $204.450, down $1.225,
May 25 Feeder Cattle are at $292.225, down $1.800
Aug 25 Feeder Cattle are at $294.825, down $2.075
Sep 25 Feeder Cattle are at $293.575, down $2.025
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.