Cattle Market Mixed at Midday

Front month fat cattle futures are higher at midday with stronger cash market and higher feed. Feeders are down 12 to 65 cents at midday. The 10/05 Feeder Cattle Index from CME was 36 cents higher at $143.10. There was some light $107 trade reported yesterday, but not enough to establish a trend for this week’s sales. This morning’s online auction from FCE sold both TX pens at $108.50 but the NE pen went unsold on a $108.25 ask. Wholesale boxed beef prices were mixed, widening the spread to $11.18. Choice boxes were $217.13, up $0.89 cwt. Select boxes were 89 cents lower. Census data showed 267.7 million lbs of beef shipped in August. That was up 16.1m lbs from July, and for the first time since March 2020, monthly beef exports were above the same month yr/yr. The data also showed that August 2020 beef shipments to China, S. Korea, and Taiwan were each all-time highs for any month to those destinations. USDA estimates Tuesday cattle slaughter under federal inspection at 120,000. The week’s slaughter is estimated at 236,000 head, which is even with last year’s pace.

Oct 20 Cattle are at $109.950, up $0.750,

Dec 20 Cattle are at $112.750, up $0.800,

Feb 21 Cattle are at $115.925, up $0.575,

Oct 20 Feeder Cattle are at $138.125, unch,

Nov 20 Feeder Cattle are at $137.300, down $0.225

Jan 21 Feeder Cattle are at $135.575, down $0.575

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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