Cattle Extend Rally to Thursday

Live cattle futures posted Thursday gains of $1.75 to $2.50 at the close. Cash trade kicked off on Thursday with some light action at $220 in the north. Sothern action has been limited to bids of $218. Feeder cattle futures extended the bounce back to Thursday, with contracts $3 to $4.75 higher.  The CME Feeder Cattle Index was up another $4.02 to $341.80 on December 3.

Export Sales data for the week ending on October 30 showed 14,499 MT of beef sales in that week, a 4-week high. Shipments were an 8 week low of 10,249 MT.

Brazilian beef exports during November totaled 318,493 MT according to government data, up more than 90,000 MT from the year prior.

USDA reported Wholesale Boxed Beef prices lower in the Thursday afternoon report, with the Chc/Sel spread widening to $12.40. Choice boxes were down $1.09 to $362.72, while Select was back down $2.80 at $350.32. USDA federally inspected cattle slaughter was estimated at 121,000 head for Thursday, with the weekly total at 475,000. That was well above last week due to the holiday but 9,974 head shy of the same week last year.

Dec 25 Live Cattle  closed at $221.450, up $2.500,

Feb 26 Live Cattle  closed at $224.000, up $2.100,

Apr 26 Live Cattle  closed at $225.175, up $1.775,

Jan 26 Feeder Cattle  closed at $336.575, up $4.725,

Mar 26 Feeder Cattle  closed at $329.725, up $3.925,

Apr 26 Feeder Cattle  closed at $328.600, up $3.425,

On the date of publication, Austin Schroeder 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. This article was originally published on Barchart.com