Cattle Rally Continuing on Wednesday

Live cattle futures are trading with $1.20 to $1.37 gains on Wednesday. Cash trade has yet to be reported this week. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,800 head offered, with a few bids of $224-224.50 live and $349 dressed. Feeder cattle futures are showing gains of $1.30 to $3.05 on Wednesday and leading the charge. The CME Feeder Cattle Index was back down $1.29 on October 19 to $342.16.

On Tuesday, USDA Secretary Rollins announced the next steps in the phased reopening of the border will include the Columbus, NM crossing on October 26. The Nogales, AZ crossing is set to reopen on November 30.

Wholesale Boxed Beef prices were mixed in the Wednesday morning report, with the Chc/Sel at $18.08. Choice boxes were up 28 cents to $373.58, with Select back down $6.04 to $355.50. USDA estimated Federally inspected cattle slaughter for Tuesday at 112,000 head, as the week to date total was 217,000. That was 1,000 head above the week prior and 9,842 head below the same week last year. 

Oct 26 Live Cattle  are at $230.725, up $1.275,

Dec 26 Live Cattle  are at $231.550, up $1.375,

Feb 27 Live Cattle  are at $234.325, up $1.225,

Oct 26 Feeder Cattle  are at $347.200, up $1.300

Nov 26 Feeder Cattle  are at $348.425, up $2.125

Jan 27 Feeder Cattle  are at $345.675, up $3.050

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. For more information please view the Barchart Disclosure Policy here.