Cattle Rallies to Kickoff the Week
Live cattle futures were stronger on Monday, as contracts posted gains of $1 to $1.25 in the nearbys. Monday’s cash action was mostly compiling showlists, Cash trade last week settled in around $199 in the South and North trade at $199-200, both down $3-4 from the week prior.
Feeder were the leaders on Monday’s rally, as contracts were up $4 to $4.50. The CME Feeder Cattle Index was another 53 cents higher on February 21 at $279.37. Monday’s OKC feeder cattle auction showed 4,335 head for sale, up from last week but well below last year. Sales were up $3 for feeder steers and steady to $2 higher for feeder heifers. Stockers were $10-20 higher, with calves up $3-8 for steers and $10-20 for heifers.
The National Wholesale Boxed Beef report was back to higher on Monday afternoon by the USDA, with the Chc/Sel spread widening at $9.76. Choice boxes were back up $2.96 at $313.73/cwt, with Select $1.41 higher to $303.97. USDA’s Monday Federally inspected cattle slaughter was estimated at 95,000. That is steady with the previous week and down 26,493 head from the same week last year.
Feb 25 Live Cattle closed at $198.900, up $1.075,
Apr 25 Live Cattle closed at $195.100, up $1.150,
Jun 25 Live Cattle closed at $191.400, up $1.075,
Mar 25 Feeder Cattle closed at $272.300, up $4.350,
Apr 25 Feeder Cattle closed at $272.025, up $4.475,
May 25 Feeder Cattle closed at $270.350, up $4.425,
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.