Cattle Continue Lower at Midday

Front month live cattle futures are adding another triple digits to the downside through midday. With 8 trade days left, 9 deliveries against October contracts had been completed. OI in the October contracts was 3,966 as of Monday. Feeder cattle futures are also down triple digits in some contracts with midday losses of 32 cents to $2. The October 15 Feeder Cattle Index from CME dropped back 69 cents to $140.22. Cash trades started the week with $106 in the South on Monday. The FCE online cattle auction has 1,096 head listed so far ahead of tomorrow’s scheduled sale. Wholesale boxed beef prices bounced back in the AM report, tightening the spread to $16.22 cwt. Choice boxes strengthened by $1.60 to $211.34 cwt. and Select boxes were $3.28 higher. USDA’s estimate for Monday’s FI cattle slaughter was 118k head, 1,000 more than both LW and the same week LY.

Oct 20 Cattle are at $103.500, down $0.500,

Dec 20 Cattle are at $104.225, down $0.925,

Feb 21 Cattle are at $107.000, down $1.175,

Oct 20 Feeder Cattle are at $132.600, down $2.000

Nov 20 Feeder Cattle are at $128.700, down $1.375

Jan 21 Feeder Cattle are at $124.900, down $0.325

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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