Cattle Look to Thursday After Wednesday Rally
Live cattle futures rallied on Wednesday, supported by some stronger outside equity factors. Contracts were up $1.30 to $1.85 at the close. Preliminary open interest suggested net new buying, up 3,249 contracts. Cash trade has been quiet so far this week, with a few $213 sales reported across the country on Wednesday. Yesterday morning’s Fed Cattle Exchange online auction from Central Stockyards showed no sales on the 1,346 head listed, with bids at $207-208. Feeder cattle saw another round of stronger trade on Wednesday, with contracts up 90 cents to $1.425. The CME Feeder Cattle Index was up 19 cents on April 22, with the average price at $288.97.
USDA’s Wednesday afternoon National Wholesale Boxed Beef report was mixed, as the Chc/Sel widened to $17.45. Choice boxes were 24 cents higher at $331.97/cwt, with Select down $3.13 to $314.52. Federally inspected cattle slaughter was estimated at 122,000 head for Wednesday, taking the weekly total to 350,000 head. That is 7,000 head below the previous week and down 13,747 head from the same week last year.
Apr 25 Live Cattle closed at $212.700, up $1.325,
Jun 25 Live Cattle closed at $208.100, up $1.825,
Aug 25 Live Cattle closed at $203.875, up $1.425,
May 25 Feeder Cattle closed at $288.350, up $1.425,
Aug 25 Feeder Cattle closed at $292.175, up $0.925,
Sep 25 Feeder Cattle closed at $291.200, up $0.950,
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.