Cattle Futures Dropping at Midday

Tuesday cattle trading has futures adding to yesterday’s drops, with 25 to 85 cent losses so far. Feeders cattle futures are trading down by triple digits. Sept futures have three trade days left before Thursday’s expiration and need to converge with the Index – they’re up 82 cents on the day so far. The CME Feeder Cattle Index was a $1.12 premium to Sept futures, at $142.19 for September 17. USDA reported no cash sales yet for the week. Tomorrow’s FCE online cattle auction has 683 head listed so far. Trade estimates ahead of Friday’s CoF report are for 11.355 million head of cattle on feed on Sept 1. August marketings are estimated 4.3% to 2.5% below ’19, on one less marketing day. The average of analyst estimates has placements at 5.9% above 2019, with 1.995m head placed in August (DLR). Wholesale boxed beef prices were mixed in the AM report, tightening the spread to $8.68 cwt. Choice boxes fell back 92 cents, and Select boxes were 80 cents stronger. USDA estimated FI cattle slaughter at 120k head for Monday. Slaughter from the same Monday last year was 115,000 head.

Oct 20 Cattle are at $106.450, down $0.250,

Dec 20 Cattle are at $110.200, down $0.400,

Feb 21 Cattle are at $114.575, down $0.675,

Sep 20 Feeder Cattle are at $141.900, up $0.825

Oct 20 Feeder Cattle are at $141.100, down $1.150

Nov 20 Feeder Cattle are at $141.650, down $1.075

--- provided by Brugler Marketing & Management




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