After hitting new lows for the move, live cattle futures rallied back $2.87 to $4.20 through the closes. The February contract was $1 off a session high, but still up $4. Livestock feed also rebounded with 3.8% gains to as much as $8.25. Cash trade remains largely unsettled with some Monday sales near $175. USDA reported that 5.7k head of feeder cattle were sold in the OKC Auction Review as prices were +/- $3, although calves were up $4-8. The CME Feeder Cattle Index for 11/27 was $226.96, down $3.42.
USDA had Wholesale Boxed Beef prices were mixed in the afternoon update, with Select up 92 cents and Select $1.45 weaker. The ribs were shown as $569.04 and $460.10 respectively. Federally Inspected cattle slaughter was listed at 125k head for Tuesday bringing the WTD total to 248k. That compares to 251k head last week and 255k during the same week last year.
Dec 23 Oxen closed at $171,650, up $2,875,
Feb 24 Oxen closed at $172,825, up $4,000,
Apr 24 Oxen closed at $174,875, up $4,200,
Nov 23 Feeder Cattle closed at $228.640, down $0.735
Jan 24 Feeder Cow closed at $221,050, up $8,250
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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