Cattle Facing Pressure on Wednesday

Live cattle futures are facing losses of $2.00 to $2.10 in the front months on Wednesday. Cash trade has yet to see much action this week, with $372 dressed reported as well as a few light sales of $235. The Wednesday Fed Cattle Exchange online auction showed sales of $236.50 using the BidTheGrid method™ on 67 of the 1,790 head offered, with bids of $233-235.50. Feeder cattle futures are falling $4.50 to $6.60 at midday. The CME Feeder Cattle Index was down another $0.62 to $365.77 on March 9. 

Wholesale Boxed Beef prices were higher in the Wednesday morning report, with the Chc/Sel spread narrowing to $7.32. Choice boxes were up $1.27 to $395.94, while Select was $1.85 higher to $388.62. USDA estimated federally inspected cattle slaughter for Tuesday at 108,000 head, with the week to date total at 211,000 head. That is steady from the previous week but 28,002 head shy of the same week last year. 
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Apr 26 Live Cattle  are at $230.300, down $2.075,

Jun 26 Live Cattle  are at $228.125, down $2.075,

Aug 26 Live Cattle  are at $226.250, down $2.100,

Mar 26 Feeder Cattle  are at $348.850, down $4.500

Apr 26 Feeder Cattle  are at $343.400, down $6.275

May 26 Feeder Cattle  are at $339.800, down $6.600

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.

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