Cattle Pullback from Early Gains
Live cattle futures are pulling back from early strength, with contracts 27 to 80 cents lower. Cash trade has yet to see much action this week, with last week at $221-223 in the South and some up to $225, with business at $234-237 in the North.
Feeder cattle futures are pulling back on Tuesday, with contracts 20 to 30 cents lower at midday. The CME Feeder Cattle Index was up $1.83 on May 30 with an average price of $301.13. The Monday OKC feeder cattle auction had 7,526 head for sale, with sales listed at $5 to $12 higher for steers and steady to $4 higher on heifers.
USDA’s National Wholesale Boxed Beef prices were mixed on Tuesday morning, with the Chc/Sel spread at $8.69. Choice boxes were back up 23 cents at $366.23, while Select was quoted 57 cents lower at $357.54/cwt. USDA’s Federally inspected cattle slaughter for Monday was 115,000 head. That is down 2,863 head from the same post-holiday week last year.
Jun 25 Live Cattle are at $216.275, down $0.275,
Aug 25 Live Cattle are at $210.200, down $0.800,
Oct 25 Live Cattle are at $208.500, down $0.700,
Aug 25 Feeder Cattle are at $301.550, down $0.200
Sep 25 Feeder Cattle are at $300.600, down $0.300
Oct 25 Feeder Cattle are at $298.775, down $0.300
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.