Cattle Pushing Higher on Tuesday
Live cattle are trading with 10 to 65 cent gains on Tuesday. Cash cattle trade has been quiet to start the week, with showlists being compiled early on. Last week saw the North reported at $190, down $2, with the South trading hands at $186, a $1 pullback. Feeders are off the highs, but still up 22 to 45 cents at midday. The CME Feeder Cattle Index was back up $2.43 on May 31 to $250.77. This week’s OKC feeder cattle auction saw heavier weight steers (>750 lbs) firm to up $3, with lighter weight steers $3 to $7 higher.
Crop Progress data showed a 3% improvement in the US pasture ratings at 51% gd/ex. The Brugler500 index was up 9 points to 335, with a weighted average of beef cow states at 353, up 9 points.
USDA’s Wholesale Boxed Beef prices were higher on Tuesday morning. Choice boxes were up another $1.22 at $316.82, with Select $2.04 higher to $305.74. The Chc/Sel spread was at $11.08. USDA estimated Monday FI cattle slaughter at 120,000 head, matching year ago.
Jun 24 Live Cattle are at $182.650, up $0.625,
Aug 24 Live Cattle are at $178.975, up $0.100,
Oct 24 Live Cattle are at $181.250, up $0.350,
Aug 24 Feeder Cattle are at $256.600, up $0.400
Sep 24 Feeder Cattle are at $258.225, up $0.350
Oct 24 Feeder Cattle are at $259.075, up $0.225
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.