Cattle Ignore Bearish CoF Data, Close Mixed

two cows on green pasture

Live cattle futures posted mixed action on Monday, with front months held up by the cast market and closing 17 cents to $1.67 higher. Other contracts were anywhere from 27 cents lower to a dime higher. Cash trade was slow to develop last week, as late sales rolled in a $189-191 in the South, as the North exchanged hands at $197-198. 

Feeder cattle futures posted some mixed action on Monday with contracts up 53 cents and led by the nearbys, as deferreds were down as much as 30 cents.   The CME Feeder Cattle Index was back up 87 cents on June 21 at $258.34. The weekly OKC action saw 5,200 head of feeders sold, with Steers down $3-5 and heifers $5-8 lower.

Friday’s Cattle on Feed report showed May placements totaling 2.046 million head, a 4.28% increase and above the range of estimates. May marketings were up 0.15% at 1.955 million head. That took the June 1 on feed figure for the month to 11.583 million head, only a 0.06% decline from last year.

Pasture conditions slipped 1% across the US to 47% gd/ex, as the Brugler500 index was down 3 points to 320. In the top 13 major beef producing states, ratings were up 2 points to 347.

USDA wholesale Boxed Beef prices were higher in the Monday PM report. Choice boxes were up 25 cents to $322.64/cwt, with Select back $1.96 higher at $305.07. The Chc/Select spread narrowed to $17.57. USDA estimated Monday’s FI slaughter through at 115,000 head. That is down 1,000 head from the previous week and 9,524 head below the same week last year. 

Jun 24 Live Cattle  closed at $188.900, up $1.300,

Aug 24 Live Cattle  closed at $184.825, up $1.675,

Oct 24 Live Cattle  closed at $183.800, up $0.175,

Aug 24 Feeder Cattle  closed at $258.900, up $0.525,

Sep 24 Feeder Cattle  closed at $260.125, up $0.225,

Oct 24 Feeder Cattle  closed at $260.675, up $0.050,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.