Cattle Post Marginal Gains
Live cattle futures posted slight gains on Monday, up 30 to 70 cents. Cash trade has been quiet early in the week, with most compiling showlists on Monday. Last week came in at $196-198 in the south, with northern trade at $200-202, steady to $2 higher wk/wk. Feeder cattle settled the session mixed, with contracts up 35 cents to down 25 cents. The CME Feeder Cattle Index was back up 18 cents on March 7, with the average price at $273.95. The Monday OKC feeder cattle auction has an estimated 5,000 head, which is nearly half of the week prior, and slightly below the same week last year. Feeder steers were up $5-10, with heifers $3-8 higher. Lighter weight steers were up $5-15, with heifers steady.
National Wholesale Boxed Beef prices on Monday afternoon were higher, with the Chc/Sel spread at $10.63. Choice boxes were up $2.68 at $317.58/cwt, with Select $1.15 higher at $306.95. Monday’s Federally inspected cattle slaughter was estimated at 115,000 head by the USDA. That is 13,000 head above the previous Monday and 3,088 larger than the same week last year.
Apr 25 Live Cattle closed at $200.575, up $0.300,
Jun 25 Live Cattle closed at $197.225, up $0.750,
Aug 25 Live Cattle closed at $195.100, up $0.750,
Mar 25 Feeder Cattle closed at $277.050, up $0.075,
Apr 25 Feeder Cattle closed at $277.925, down $0.225,
May 25 Feeder Cattle closed at $278.550, up $0.350,
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.