Cattle Extends Slide on Tuesday
Live cattle closed out the Tuesday session with contracts fading off another $2.17 to $2.72 as April rolled off the board. Cash trade has yet to develop this week, with last weeks was $182-183 in the South, steady to $1 higher. Northern trade was reported at $184-186, steady to $2 higher on the week, with a few trickling in a $187. Feeders were in near freefall mode on Tuesday, as contracts were down $3.45 to $4.32. The CME Feeder Cattle index was back down 18 cents on April 29 to $247.00.
USDA’s Wholesale Boxed Beef prices were lower in the Tuesday PM report. Choice boxes were down $3.19 at $294.37, with Select up 26 cents at $289.95. That tightened the Chc/Sel spread to $4.42. USDA estimated Tuesday’s federally inspected cattle slaughter at 124,000 head, taking the weekly total to 237,000 head. That is 1,000 head below last week and down 12,396 head from the same week last year.
Apr 24 Live Cattle closed at $185.000, down $0.400,
Jun 24 Live Cattle closed at $174.975, down $2.175,
Aug 24 Live Cattle closed at $173.100, down $2.575,
May 24 Feeder Cattle closed at $244.575, down $3.450,
Aug 24 Feeder Cattle closed at $255.500, down $4.125,
Sep 24 Feeder Cattle closed at $256.475, down $4.250,
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.
