Cattle Gain on Wednesday

Cattle futures closed the midweek session $0.47 to $1.02 higher on the day. Feeder cattle futures ended the session 30 to 90 cents higher. Sept feeders, with 955 contracts OI (as of 9/22), closed $142 flat ahead of tomorrow’s expiration. The CME Feeder Cattle Index was a $0.28 premium to Sept futures, at $142.28 for September 22. In the FCE auction this morning, 219 of the 683 head sold at $104 and $104.25. Wednesday business picked up, with USDA reporting 1,853 sold throughout cattle country at $105 and $164 live and dressed respectively. Wholesale boxed beef prices were higher on Wednesday tightening the Choice premium by 87 cents. Choice boxes were quoted @ $215.87 and Select was $1.30 higher to $207.60. Primal ribs were quoted at $367.13 and $341.95 cwt. for Choice and Select respectively. Choice loins were $21.41 cwt. above Select @ $293.93. USDA estimates the week’s FI cattle slaughter through Wednesday at 361k head. That compares to 360,000 head LW and 350,000 head LY.

Oct 20 Cattle closed at $107.150, up $0.675,

Dec 20 Cattle closed at $111.200, up $1.025,

Feb 21 Cattle closed at $114.800, up $0.600,

Sep 20 Feeder Cattle closed at $142.000, up $0.300

Oct 20 Feeder Cattle closed at $141.525, up $0.900

Nov 20 Feeder Cattle closed at $141.650, up $0.475

--- provided by Brugler Marketing & Management




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