Cattle closed the weekly session with another $0.25 to $1.05 gains over the previous months. CME data showed net short covering, with net new calls active from Tuesday’s strong session. USDA reported some light cash trading of $175 in NE on Wednesday, down $1 from last week and matching the thin trading of KS and TX so far this week. The previous month’s feeder cattle also rebounded through Wednesday, settling another $0.77 to $1.15 higher. CME showed net new buying, albeit by just 207 contracts on Tuesday. The CME Feeder Cattle Index fell sharply $4.71 to $222.25 on 11/28.
USDA had Wholesale Boxed Beef prices for Wednesday weakened in Choice by $1.14 and in Choice by $2.26. The Chc/Sel spread was up to $32.94. The running FI cattle slaughter for the week was 373,000 head through Wednesday. That follows last week’s pace at 5k a head and the same week last year at 8k.
Dec 23 Oxen closed at $171.900, up $0.250,
Feb 24 Oxen closed at $173.475, up $0.650,
Apr 24 Oxen closed at $175,925, up $1,050,
Jan 24 Feeder Cow closed at $222,200, up $1,150
March 24 Feeder Cattle closed at $224.275, up $0.775
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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