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Cattle Slipping Lower on Thursday

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Live cattle are lower again on Thursday, as the overbought market comes into the end of the month. Contracts are down 85 cents to $1 at midday. Cash action has been quiet this week with some light $190 reported in the North. The Central Stockyards online Fed Cattle Exchange auction saw no sales on the 1,080 head listed for Thursday, with bids of $186-186.50 and asks of $188. They had sales of $188 in TX, $191.50 in IA, and $300 in the beef on another lot out of IA in the Wednesday auction. Feeders are again the leaders, with losses of $2.10 to $2.30 at midday.

USDAโ€™s Wholesale Boxed Beef prices were mixed on Thursday morning. Choice boxes were up another 81 cents at $314.43, with Select 28 cents lower to $302.20. The Chc/Sel spread has widened to $12.23. USDA estimated Wednesdayโ€™s FI cattle slaughter at 125,000 head, with the WTD total at 250,000. That is well below last week due to the holiday and down 4,528 head from the same week last year.ย 

Jun 24 Live Cattleย ย are at $182.525, down $0.825,

Aug 24 Live Cattleย ย are at $179.200, down $1.000,

Oct 24 Live Cattleย ย are at $181.500, down $0.950,

Aug 24 Feeder Cattleย ย are at $257.975, down $2.275

Sep 24 Feeder Cattleย ย are at $259.650, down $2.150

Oct 24 Feeder Cattleย ย are at $260.400, down $2.150

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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