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Cattle Extending Rally at Midday

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Live cattle are trading with 52 cent to $1.80 gains across most contracts on Tuesday. Cash trade this week has been relatively quite so far. USDA reported cash sales of $186 in the South, up to $190 in the North last week, $2-3 higher. Feeder cattle are showing gains of 80 cents to $2.20 across most contracts. The CME Feeder Cattle index was up $3.83 on May 17 to $246.87 and converging nicely with May FC futures.

USDAโ€™s Wholesale Boxed Beef prices were back higher in the Tuesday morning print. Choice boxes were up $1.17 at $313.87, with Select $2.68 higher to $302.03. That narrowed the Chc/Sel spread to $11.84. Mondayโ€™s estimated federally inspected cattle slaughter was at 120,000 head by the USDA. That is up 4,000 head from last week but down 5,274 head below the same Monday last year.ย 

Jun 24 Live Cattleย ย are at $183.050, up $1.575,

Aug 24 Live Cattleย ย are at $180.325, up $1.775,

Oct 24 Live Cattleย ย are at $183.075, up $1.250,

May 24 Feeder Cattleย ย are at $248.600, up $1.900

Aug 24 Feeder Cattleย ย are at $259.700, up $1.225

Sep 24 Feeder Cattleย ย are at $260.875, up $1.225

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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