Cattle Holding Steady as Beef Pushes Higher
Live cattle futures are posting 15 to 55 cent gains so far on Tuesday. Cash trade has yet to see a broad test this week, with some light $219 KS sales reported. Last week’s Southern sales were $218-220 and $229 in the north. Feeder cattle futures are 45 to 70 cents higher in the front months. The CME Feeder Cattle Index was down $1.97 on May 16 with an average price at $298.86. The weekly OKC feeder cattle auction has an estimated 9,400 head for sale, with prices listed $5-10 lower.
Crop Progress data showed 40% of the US pasture ground rated at good/excellent, up 4% from the previous week, as the Brugler500 index was up 8 points to 303.
USDA’s Tuesday morning National Wholesale Boxed Beef report was higher, with the Chc/Sel spread widening back out to $15.32. Choice boxes were up $5.63 at $360.44, while Select was quoted $1.01 higher at $344.12 per hundred pounds. USDA’s Federally inspected cattle slaughter for Monday was estimated at 115,000 head. That is up 16,000 head from the week prior but down 3,333 head from the same Monday last year.
Jun 25 Live Cattle are at $213.500, up $0.525,
Aug 25 Live Cattle are at $208.075, up $0.150,
Oct 25 Live Cattle are at $205.475, up $0.400,
May 25 Feeder Cattle are at $296.125, up $0.450
Aug 25 Feeder Cattle are at $298.175, up $0.700
Sep 25 Feeder Cattle are at $296.900, up $0.575
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.