Cattle Head Lower with Weaker Cash Market
Live cattle futures ended the Thursday trade with losses of $1.20 to $1.40 in the front months, as August was down just 22 cents. Cash trade saw some $185-187 to sales in the South this week, with northern trade has slipped $3 to $193 so far this week. Thursday morning’s Central Stockyards Fed Cattle Exchange online auction showed no sales on the 1,194 head offered and live bids in TX at $185-186, with BidTheGrid™ bids at $187-188. Feeder cattle futures posted losses of $1.475 to $2.25 across most contracts, as front month August was down just a quarter. The CME Feeder Cattle Index was down $1.88 at $252.84 on August 7.
Beef export sales totaled 10,047 MT in the week that ended on August 1, a 4-week low. Actual shipments totaled 15,354 MT, which was also a 4-week low.
USDA wholesale Boxed Beef were reported lower in the Thursday PM report. Choice boxes were down $1.73 at $312.12, with Select products 80 cents lower @ $298.03. The Chc/Sel spread narrowed to $14.09. USDA estimated Thursday’s FI slaughter at 121,000 head, taking the weekly total to 484,000. That is up 10,000 head from last week and 8,733 head below the same week a year ago.
Aug 24 Live Cattle closed at $182.050, down $0.225,
Oct 24 Live Cattle closed at $178.025, down $1.250,
Dec 24 Live Cattle closed at $176.725, down $1.400,
Aug 24 Feeder Cattle closed at $242.375, down $0.250,
Sep 24 Feeder Cattle closed at $237.425, down $1.475,
Oct 24 Feeder Cattle closed at $236.000, down $2.125,
On the date of publication, Alan Brugler 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.
