Cattle Continuing Climb on Thursday
Live cattle futures are up another $1.75 to $2 on Thursday’s midday. Cash trade has been quiet so far this week, with a few light sales of $200 in KS to start out on Wednesday. Feeder cattle are up $1.20 to $1.92 at midday. The CME Feeder Cattle Index was back up $2.17 on March 11, with the average price at $278.71.
USDA’s Export Sales report showed beef bookings in the week of 3/6 at 14,331 MT, back up from last week. The largest buyer was Japan at 4,600 MT, with 3,000 MT sold to South Korea and 2,500 MT to China. Shipments were tallied at a 5-week high of 15,930 MT. South Korea and Japan were the top destinations of 4,400 MT each, with 2,500 MT to China.
The Thursday morning National Wholesale Boxed Beef report showed price mixed, with the Chc/Sel narrowing back up to $14.79. Choice boxes were up 89 cents at $321.99/cwt, with Select 33 cents lower at $307.20. Wednesday’s Federally inspected cattle slaughter was estimated at 123,000 head by the USDA, taking the weekly total to 362,000 head. That is 17,000 head above the previous week and 12,422 larger than the same week last year.
Apr 25 Live Cattle are at $203.400, up $2.000,
Jun 25 Live Cattle are at $199.825, up $1.950,
Aug 25 Live Cattle are at $197.325, up $1.775,
Mar 25 Feeder Cattle are at $281.775, up $1.525
Apr 25 Feeder Cattle are at $281.925, up $1.200
May 25 Feeder Cattle are at $283.800, up $1.925
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.