Live cattle futures faced losses of $2.00 to $2.25 in the front months on Wednesday. Cash trade has yet to see much action this week, but got started off with $372 dressed reported as well as a few light sales of $235-236. The Wednesday Fed Cattle Exchange online auction showed sales of $236.50 using the BidTheGrid method™ on 67 of the 1,790 head offered, with bids of $233-235.50. Feeder cattle futures were under pressure, falling $4.50 to $6.60. The CME Feeder Cattle Index was down another 97 cents to $364.80 on March 10.
Wholesale Boxed Beef prices were higher in the Wednesday afternoon report, with the Chc/Sel spread narrowing to $7.45. Choice boxes were up $2.03 to $396.70, while Select was $2.48 higher to $389.25. USDA estimated federally inspected cattle slaughter for Wednesday at 106,000 head, with the week to date total at 317,000 head. That is down 5,000 from the previous week and 44,844 head shy of the same week last year.
Apr 26 Live Cattle closed at $230.150, down $2.225,
Jun 26 Live Cattle closed at $228.075, down $2.125,
Aug 26 Live Cattle closed at $226.175, down $2.175,
Mar 26 Feeder Cattle closed at $348.725, down $4.625,
Apr 26 Feeder Cattle closed at $343.300, down $6.375,
May 26 Feeder Cattle closed at $339.825, down $6.575,
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.
