Live cattle came out of the weekend and a Friday afternoon Cattle on Feed report with gains of $1 to $1.50 at the close. Still no deliveries have been issued against August futures, with expiration on Friday. Last week’s cash trade saw some southern action at $182-185, with northern trade at $184-188.
Feeder cattle futures were up $1.92 to $3.15 on the day. The CME Feeder Cattle Index was up $1.13 at $242.83 on August 23. The Monday OKC Feeder Cattle Auction saw estimated sales on 6,000 head, above last year and the previous week. Demand was listed as moderate to good, with prices steady to $2 lower on steers and heifers steady.
The USDA Cattle on Feed report showed July placements at 1.702 million head, up 5.85% from a year ago, with marketings at 1.855 million head and 7.72% above 2023. August 1 on feed inventory was up 0.28% from last year at 11.095 million head.
Cold Storage data showed 407.13 million lbs of beef stocks as of July 31, a 0.2% drop from the end of June and 0.81% below last year.
USDA wholesale Boxed Beef were lower in the Monday afternoon report. Choice boxes were down $1.44 at $315.90, with Select products 27 cents lower @ $300.19. The Chc/Select spread was narrowed to $15.71. USDA estimated Monday’s federally inspected cattle slaughter at 116,000 head. That is down 1,000 head from the previous week and 9,036 head below the same Monday last year.
Aug 24 Live Cattle closed at $183.600, up $1.025,
Oct 24 Live Cattle closed at $176.975, up $1.275,
Dec 24 Live Cattle closed at $176.375, up $1.175,
Aug 24 Feeder Cattle closed at $244.500, up $1.925,
Sep 24 Feeder Cattle closed at $241.350, up $2.775,
Oct 24 Feeder Cattle closed at $237.475, up $3.100,
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.
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