Cattle Pushing Higher on Friday
Live cattle futures are getting some help from higher cash trade as October options expire today. Contracts are up a dime to 70 cents at midday. Cash trade has yet to fully kick off ye this week, with some light action at $186 reported in the South this morning. Feeder cattle futures are rallying with the weaker corn, as contracts are up 67 cents to $1.15. The CME Feeder Cattle Index was down 96 cents at $248.25 on October 21.
USDA wholesale Boxed Beef prices were higher in the Friday PM report. Choice boxes were up $2.56 to $302.36/cwt, with Select $3.85 higher @ $287.14. The Chc/Select spread narrowed to $15.22. USDA estimated Thursday’s federally inspected cattle slaughter at 124,000 head, taking the weekly total to 491,000 head. That is 4,000 head above the previous week but 7,753 head below the same week last year.
Oct 24 Live Cattle are at $186.700, up $0.700,
Dec 24 Live Cattle are at $186.725, up $0.325,
Feb 25 Live Cattle are at $187.850, up $0.100,
Oct 24 Feeder Cattle are at $249.650, up $0.675
Nov 24 Feeder Cattle are at $248.975, up $0.850
Jan 25 Feeder Cattle are at $243.700, up $1.150
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.
