Cattle Close Lower on Thursday

Cattle fell back triple digits on Thursday, which for Dec contracts was the 9th red candle from the last 11 sessions. Feeders were down 57 to 90 cents on the day, which tightened the feeder to fat spreads. The 10/21 Feeder Cattle Index dropped another $2.83 to $135.53. Thursday cash business was light; USDA reported a few sales from $103 to $105. Trader estimates ahead of the monthly USDA CoF report (Friday) have 11.65 million head (+3.2%) on feed on Oct 1. USDA’s Monthly Cold Storage report had 461,987 million lbs of beef stocks at Sept 30. That was up 2.81% from August but still the lowest Sept stocks since 2014. FAS Export Sales data showed 21,717 MT of beef sold on the week ending 10/15. That was a 13 week high, and 57% above the same week last year. Accumulated beef exports now outpace 2019 by 1.17% with 649,622 MT shipped through 10/15. Wholesale boxed beef prices were stronger in the PM quote. Choice boxes were up $0.39 and Select was $0.17 higher. USDA estimates FI cattle slaughter for the week through Thursday at 480,000 head. That is 4k above last week’s pace, and up 8k head from the same week last year.

Oct 20 Cattle closed at $103.325, down $0.325,

Dec 20 Cattle closed at $103.475, down $1.100,

Feb 21 Cattle closed at $106.775, down $1.300,

Oct 20 Feeder Cattle closed at $133.825, down $0.575

Nov 20 Feeder Cattle closed at $130.425, down $0.725

Jan 21 Feeder Cattle closed at $126.200, down $0.875

--- provided by Brugler Marketing & Management




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