Cattle Pulls Back With Weaker Boxed Beef Prices
Live cattle closed the Wednesday session with contracts down 95 cents to $1.57 across the CME. Cash trade has yet to develop this week, with the Central Stockyards Fed Cattle Exchange having no sales on the 1,890 head listed. Bids were running $184, with $185-186 asks. Feeders fell weaker on Wednesday, as contracts were down $1.47 to $2.05 on the session. The CME Feeder Cattle index was down another 8 cents on May 7 to $239.45.
USDA’s Wholesale Boxed Beef prices were reported lower in the Wednesday afternoon report. Choice boxes were down $1.82 at $296.67, with Select $4.09 lower to $288.25. That raised the Chc/Sel spread to $8.42. USDA estimated federally inspected cattle slaughter on Wednesday at 123,000 head, taking the weekly total to 367,000 head. That is 7,000 head above last week and down 11,722 head from the same week last year.
Jun 24 Live Cattle closed at $176.475, down $1.150,
Aug 24 Live Cattle closed at $174.225, down $1.300,
Oct 24 Live Cattle closed at $177.450, down $1.475,
May 24 Feeder Cattle closed at $240.200, down $1.950,
Aug 24 Feeder Cattle closed at $252.400, down $2.025,
Sep 24 Feeder Cattle closed at $253.400, down $2.050,
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.