Cattle Look to Midweek Trade Following Rally

Live cattle futures were $2.22 to $3.62 higher at the close on Tuesday, extending the rally to from Monday. Open interest was down 152 contracts on Tuesday. Cash trade has yet to develop this week with showlists being compiled early.  Feeder cattle futures posted gains of $2 to $4.45 across the board. OI suggested some shorts were covering, down 1,065 contracts. The CME Feeder Cattle Index was back down $2.43 on November 9 to $330.42. 

Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report, with the Chc/Sel at $11.36. Choice boxes were up 24 cents to $362.98, with Select $2.11 lower at $351.62. USDA estimated Federally inspected cattle slaughter for Tuesday at 111,000 head, with the weekly total at 218,000 head. That was up 7,000 head from the week prior but down 10,750 head from the same week last year. 

Dec 26 Live Cattle  closed at $219.200, up $3.000,

Feb 27 Live Cattle  closed at $222.575, up $2.475,

Apr 27 Live Cattle  closed at $225.125, up $2.225,

Nov 26 Feeder Cattle  closed at $330.350, up $2.000,

Jan 27 Feeder Cattle  closed at $326.675, up $2.500,

Mar 27 Feeder Cattle  closed at $323.350, up $3.150,