Cattle Futures Gain on Wednesday

Live cattle futures traded with triple digit gains earlier, but only Dec contracts held it at the close. The other front months ended 15 to 97 cents higher. CME noted 1 re-tender against October futures, deliveries scheduled so far is 9. Feeder cattle futures recovered from midday losses and ended the session 5 to 37 cents in the black. The CME Feeder Cattle Index was $142.71 on 10/6, down by 41 cents. The FCE sold 367 of the 470 head listed; both TX pens went for $108.50. Outside of the FCE, USDA reported light trade at $107-$108 in NE and the WCB. Wholesale boxed beef prices were mixed, widening the spread to $11.30. Choice boxes were $216.88 this afternoon, up by $0.64 cwt. Select boxes were down $1.26 cwt. Census data showed 267.7 million lbs of export 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. The week’s FI slaughter is estimated at 355,000 head, up one from last year’s pace.

Oct 20 Cattle closed at $110.175, up $0.975,

Dec 20 Cattle closed at $113.100, up $1.150,

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

Oct 20 Feeder Cattle closed at $138.500, up $0.375

Nov 20 Feeder Cattle closed at $137.875, up $0.350

Jan 21 Feeder Cattle closed at $136.325, up $0.175

--- provided by Brugler Marketing & Management




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