Cattle Look to Wednesday Action After Mixed Tuesday Trade

Live cattle futures were down 60 cents to $1.35 at the close. Preliminary open interest dropped 2,522 contracts, with December down 8,675 contracts and Feb up 4,727 contracts. Last week’s cash trade was reported at $225-230 in the north, with $230-232 Southern sales. Monday activity was quiet with showlists being compiled.

Feeder cattle futures slipped off the midday highs to close with front month gains of a dime to $2.02. Open interest saw a drop of 812 contracts on Tuesday. The CME Feeder Cattle Index was back down $1.61 to $342.76 on November 10. The weekly OKC feeder cattle auction had 6,113 head for sale, with feeders steady to $5 lower. Steer calves were $5-10 lower, with heifers steady. Tuesday has expanded limits of $10.75 for live cattle and $13.75 for feeders.

Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

USDA Wholesale Boxed Beef prices are seeming to ignore the President’s post from last week as consumers keep buying, with a higher Tuesday PM print. Choice boxes were up $1.90 to $379.22, while Select was 38 cents higher at $360.08. USDA federally inspected cattle slaughter for Tuesday was at 116,000 head, with the weekly total at 229,000. That is 2,000 head above last week and 5,686 head below the same week last year.

Dec 25 Live Cattle closed at $227.200, down $1.350,

Feb 26 Live Cattle closed at $226.400, down $0.600,

Apr 26 Live Cattle closed at $225.825, down $1.150,

Nov 25 Feeder Cattle closed at $337.675, up $2.025,

Jan 26 Feeder Cattle closed at $329.150, up $0.325,

Mar 26 Feeder Cattle closed at $323.325, up $0.100,

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.

More news from Barchart