Cattle Higher at Midday

Live cattle futures are trading with 47 cents to $1.075 at midday. Cash trade started slow last week, but got kicked off on Friday, with sales of $183 in the South, up $2-3 on the week, with northern sales improving $2-3 to $184-185. Feeder cattle futures are up 45 to 80 cents across most contracts, with September down 30 cents. The CME Feeder Cattle Index was back down $1.16 at $243.26 on September 19. The weekly OKC feeder cattle auction showed 7,000 head of calves estimated for today’s sale, up from last week but down from the same week last year. Early demand has been listed as moderate.

The monthly Cattle on Feed report showed August placements down 1.4% from a year ago at 1.975 million head, in line with estimates. August marketings were also near the average trade guess at 1.818 million head, a 3.55% drop from last year. September 1 on feed inventory was up 0.64%at 11.198 million head. 

USDA wholesale Boxed Beef prices were higher in the Monday AM report. Choice boxes were up $1.44 to $301.63/cwt, with Select another 33 cents higher @ $288.92. The Chc/Select spread widened to $12.71. USDA estimated last week’s federally inspected cattle slaughter at 610,000 head, including Saturday. That is 10,000 head below the previous week on lower Friday and Saturday kill and 16,639 head below the same week last year.

Oct 24 Live Cattle  are at $183.100, up $0.625,

Dec 24 Live Cattle  are at $183.675, up $0.475,

Feb 25 Live Cattle  are at $184.850, up $1.075,

Sep 24 Feeder Cattle  are at $244.525, down $0.300

Oct 24 Feeder Cattle  are at $244.350, up $0.450

Nov 24 Feeder Cattle  are at $242.475, up $0.700

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