Cattle Gap Lower on Friday as Boxed Beef Weakness Shows
Live cattle futures are falling $1 to $2.25 so far on Friday, after the Thursday PM Boxed Beef print showed a collapse. Futures gapped lower at the open. Cash trade has started to kick off, with light sales of $188 reported in the North this morning, and bids of $187 in the South. This morning’s Central Stockyards Fed Cattle Exchange showed no sales on the 3,044 head offered and bids ranging from $185-187.50. Feeder cattle futures are down $2.40 to 3.30 so far at midday. The CME Feeder Cattle Index was down 90 cents at $249.92 on November 6.
USDA wholesale Boxed Beef prices were lower again in the Friday morning report. Choice boxes were down 18 cents to $309.28/cwt, with Select $1.59 lower @ $278.13. The Chc/Sel spread widened to $31.15. USDA estimated Thursday’s federally inspected cattle slaughter at 125,000 head, taking the week to date total to 494,000 head. That is 4,000 head above the previous week but down 3,741 head from the same week last year.
Dec 24 Live Cattle are at $183.775, down $2.050,
Feb 25 Live Cattle are at $185.300, down $2.125,
Apr 25 Live Cattle are at $186.425, down $1.825,
Nov 24 Feeder Cattle are at $245.250, down $2.400
Jan 25 Feeder Cattle are at $241.225, down $3.100
Mar 25 Feeder Cattle are at $239.050, down $3.200
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.