Cattle Posting Sharp Gains at Midday

Live cattle futures are up $1 to $2.25 on Wednesday. Feeder cattle futures are posting limit gains in August, with most other contracts at least $4 higher after lagging the fats on Tuesday. The CME feeder cattle index was up a nickel @ $131.46 on June 24. Wholesale boxed beef prices were higher on Wednesday morning, with the Ch/Se spread widening to $21.07. Choice boxes were up 59 at $220.23 with Select boxes 21 cents higher @ $199.16. USDA estimated week to date FI cattle slaughter at 242,000 through Tuesday. That was 2,000 head larger than last week and 12,000 head more than the same week a year ago. There are a few $107 cash cattle bids out there, with a few asking prices at $110-111. USDA reported a few $180 dressed sales in NE. Both of the lots listed on Wednesday’s FCE auction went unsold.

Jun 19 Cattle are at $109.275, up $1.525,

Aug 19 Cattle are at $105.500, up $2.250,

Oct 19 Cattle are at $106.725, up $1.875,

Aug 19 Feeder Cattle are at $135.825, up $4.500

Sep 19 Feeder Cattle are at $136.275, up $4.400

Oct 19 Feeder Cattle are at $136.625, up $4.325

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
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