Cattle Collapse on Thursday
Live cattle futures closed the Thursday session with contracts down $1.97 to $2.50. Cash trade has been slow this short week, with the South kicking things off at $181 on Thursday, down $2 on the week. The Central Stockyards Fed Cattle Exchange online auction showed 0 sales on the 1,548 head listed on Thursday morning, with bids of $179-180. Feeder cattle futures were down $2.50 to $3.50 on the day. The CME Feeder Cattle Index was up $1.74 at $241.27 on September 4.
USDA wholesale Boxed Beef prices were lower in the Thursday afternoon report. Choice boxes were down 9 cents at $311.51, with Select products $2.61 lower @ $296.78. The Chc/Select spread widened to $14.73. USDA estimated Wednesday’s federally inspected cattle slaughter at 124,000 head, taking the weekly total to 376,000. That is well below the previous week due to the holiday and 10,589 head below the same week last year.
Oct 24 Live Cattle closed at $177.250, down $1.975,
Dec 24 Live Cattle closed at $176.725, down $2.175,
Feb 25 Live Cattle closed at $177.325, down $2.175,
Sep 24 Feeder Cattle closed at $237.125, down $2.500,
Oct 24 Feeder Cattle closed at $234.575, down $2.875,
Nov 24 Feeder Cattle closed at $231.675, down $3.500,
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.