Live cattle futures were mixed at the Monday close, as contracts were down 7 to 50 cents in the nearbys and deferreds up 2 to 25 cents. Cash trade settled in last week at $186-188, with most trade hovering at $187.
Feeder cattle held the gains after gapping on the screwworm news, with contracts closing $1 to $1.22 higher. The CME Feeder Cattle Index was up 18 cents at $254.72 on November 22. The weekly feeder cattle auction from OKC showed an estimated 7,000 head for sale, slightly below last week but above the same week last year. Sales were up $4 to $10 on feeders, with calves up $10-15 and even $20 higher. Demand was noted as good to very good.
On Friday, the Chief Veterinarian Officer in Mexico informed the USDA about a case of New World Screwworm in a southern Mexican border state. In response, APHIS has temporarily suspended imports of live animals from Mexico, limiting feeder cattle imports from the country.
The Friday afternoon Cattle on Feed report showed October placements a 2.286 million head, up 5.35% vs. a year ago and above the average trade estimate of a 3.8% hike. October marketings were up 4.65% at 1.845 million head and below the +5.2% trade average guess. November 1 on feed inventory came in at a record for the month at 11.986 million head, a 0.25% increase from last year, compared to the 0.1% drop expected.
USDA wholesale Boxed Beef prices were higher in the Monday PM report. Choice boxes were up $2.30 to $309.71/cwt, with Select $1.67 higher @ $273.74. The Chc/Sel spread widened to $35.97. USDA estimated the Monday federally inspected cattle slaughter at 120,000 head. That is 2,000 head above the previous Monday but down 4,069 head from the same week last year.
Dec 24 Live Cattle closed at $186.500, down $0.275,
Feb 25 Live Cattle closed at $187.700, down $0.500,
Apr 25 Live Cattle closed at $189.650, down $0.300,
Jan 25 Feeder Cattle closed at $255.475, up $1.175,
Mar 25 Feeder Cattle closed at $254.325, up $1.200,
Apr 25 Feeder Cattle closed at $255.525, up $1.175,
On the date of publication,
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
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
