Cattle Try to Reverse Weakness With Monday Rally
Live cattle slipped off the midday highs into the close, but were still $1.40 to $2.37 higher on Monday. There have yet to be any delivery notices for April futures through Monday. Cash action was quiet on Monday, with last week reported @ $182 in the South and Northern action at $293-295 in the beef and $184-185 live. Feeders rallied $1.95 to $4.27 to try and reverse the recent weakness. The CME Feeder Cattle index was down a sharp $3.50 on April 12 to $241.07.
USDA’s Wholesale Boxed Beef prices were mixed in the Monday afternoon report. Choice was up 31 cents to $0.88, with Select dropping $4.20 to $291.34. That widened the Chc/Sel spread out to $9.54. Monday’s USDA estimated cattle slaughter was pegged at 121,000. That is even with the previous Monday and down 1,057 head from the same Monday last year.
Apr 24 Live Cattle closed at $180.300, up $1.400,
Jun 24 Live Cattle closed at $173.825, up $2.350,
Aug 24 Live Cattle closed at $171.125, up $2.375,
Apr 24 Feeder Cattle closed at $239.550, up $1.950,
May 24 Feeder Cattle closed at $238.000, up $3.800,
Aug 24 Feeder Cattle closed at $249.775, up $4.275,
On the date of publication, Alan Brugler 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.