Cattle Futures Fighting Weaker Product Value

Fat cattle futures ended 22 to 87 cents lower on Wednesday. Feeders gave back some of the earlier gains, but still closed 25 to 37 cents higher. October feeders were the exception with a dime loss and 1,463 contracts open. They are still anticipating a big drop in the CME Index over the next week. The 10/20 Feeder Cattle Index dropped 30 cents to $138.36. Cash sales in NE on Wednesday were $104-$105 live and $162-$165 dressed. The range for the week has been $102 to $106.50. Trader estimates ahead of the monthly USDA CoF report (Friday) have a 3.2% increase to Oct 1 on feed. Placements are estimated to increase 2.4% from September 19. September marketings are estimated at 5.8% above ’19. Wholesale boxed beef prices were weaker in the PM report. Choice boxes were quoted at $208.47, down by $2.13 cent. Select boxes were 76 cents weaker to $190.91. USDA estimates 360,000 cattle were slaughtered for the week through Wednesday. That compares to 356k LW and 355,000 head LY.

--- provided by Brugler Marketing & Management





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