Cattle Finish Higher on Wednesday
Midweek trading initially pushed the cattle market further lower, but futures firmed up to end the day in the black. Fat cattle were 20 to 50 cents higher at the bell, and feeders were up by as much as $1.42. USDA confirmed some light cash trade on Wednesday mostly near $185, or $3 below last week. The 3/26 CME Feeder Cattle Index was down by 36 cents to $251.27.
Afternoon Boxed Beef prices were lower on Thursday with a $2.51 drop in Choice and a $1.83 weaker Select. The ribs were quoted at $471.72 and $455.05 cwt. respectively. The week’s FI cattle slaughter was listed at 367k head for the week through Wednesday. That compares to 358k head last week and to 375.3k head during the same week last year.
Apr 24 Cattle closed at $183.600, up $0.500,
Jun 24 Cattle closed at $178.675, up $0.300,
Aug 24 Cattle closed at $176.675, up $0.250,
Mar 24 Feeder Cattle closed at $248.050, up $0.325
Apr 24 Feeder Cattle closed at $246.875, up $1.425
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.