Cattle Bouncing Back on Wednesday
Live cattle futures are rebounding on Wednesday with gains of 75 cent to $1. The Wednesday morning Fed Cattle Exchange online auction showed $218 bids on 984 of the 1,064 head offered, with another BidTheGrid™ sale at $228 in IA. Outside of that, sales of $230-231 were reported in NE. Feeder cattle futures are back up $1.50 to $1.80 so far on Wednesday. The CME Feeder Cattle Index was up $1.00 to $315.07 on June 30.
USDA Wholesale Boxed Beef prices were mixed in the Wednesday morning report, with the Chc/Sel spread widening to $16.14. Choice boxes were up $1.53 to $397.13, while Select was quoted 93 cents higher at $380.99/cwt. USDA’s Federally inspected cattle slaughter for Tuesday was estimated at 120,000 head, with the weekly total at 238,000 head. That was 9,000 head above the previous week and 3,714 head more vs. the same week last year.
Aug 25 Live Cattle are at $211.500, up $0.750,
Oct 25 Live Cattle are at $208.750, up $0.950,
Dec 25 Live Cattle are at $209.250, up $0.900,
Aug 25 Feeder Cattle are at $307.700, up $1.675
Sep 25 Feeder Cattle are at $307.425, up $1.775
Oct 25 Feeder Cattle are at $304.950, up $1.525
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.
