Cattle Show Strength on Wednesday

Live cattle futures posted $1.75 to $2.40 gains in the front months on the day. Feeder cattle futures were up $2.175 to $2.975. The CME Feeder Cattle Index was 20 cents lower on September 10 at $137.17. Wholesale boxed beef prices were lower on Wednesday afternoon, tightening the Chc/Sel spread to $21.49. Choice boxes were down a sharp $5.49 at $219.89, with Select boxes $2.58 lower @ $198.40. The latter are down more than 5% since the Labor Day holiday. USDA estimated week to date FI cattle slaughter @ 348,000. That is down 11,000 head from the same week a year ago. Wednesday’s FCE auction packers with bids of $99 on 318 of the 636 head offered, with feedlots passing on both bids.

OCT 19 Cattle closed at $98.500, up $2.350,

DEC 19 Cattle closed at $103.625, up $2.400,

FEB 20 Cattle closed at $110.175, up $1.750,

SEP 19 Feeder Cattle closed at $136.075, up $2.175

OCT 19 Feeder Cattle closed at $134.025, up $2.975

NOV 19 Feeder Cattle closed at $133.550, up $2.850

-- provided by Brugler Marketing & Management

Market Commentary provided by:

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