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Monday, March 20, 2023 5:59:48 PM
Red Close For Cattle Futures
By: Barchart | March 20, 2023
The first trade day of the week left cattle futures 30 to 87 cents in the red. Feeder cattle futures ended with 2 to 80 cent losses across the front months. Cash trade so far remains mostly unestablished, save for very limited $166 in the WCB. Last week’s activity was mostly near $164. USDA’s weekly Feeder Auction Review had 6k head sold, but only 8% heifers. The CME Feeder Cattle Index for 3/17 was $188.01, up by 14 cents.
USDA’s NASS confirmed 11.645m head of cattle were in 1,000+ head feedlots as of 3/1. That was down 4.5% from last year, matching the trade average guess, and was the lightest inventory since October. February placements came in at 1.734m head, a 7.2% drop. The trade was looking for a 6% yr/yr drop on average. The monthly update showed 1.735m head were marketed in February, which was 5% below last year and slightly fewer than expected.
USDA’s wholesale Boxed Beef prices were mixed on Monday, with Choice down by $2.33 and Select $1.50 higher. That had the Chc/Sel spread to $7.08. USDA estimated Monday’s FI cattle slaughter at 125k head. That matched last week and is 8,000 more than the same Monday last year.
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DiscoverGold
By: Barchart | March 20, 2023
The first trade day of the week left cattle futures 30 to 87 cents in the red. Feeder cattle futures ended with 2 to 80 cent losses across the front months. Cash trade so far remains mostly unestablished, save for very limited $166 in the WCB. Last week’s activity was mostly near $164. USDA’s weekly Feeder Auction Review had 6k head sold, but only 8% heifers. The CME Feeder Cattle Index for 3/17 was $188.01, up by 14 cents.
USDA’s NASS confirmed 11.645m head of cattle were in 1,000+ head feedlots as of 3/1. That was down 4.5% from last year, matching the trade average guess, and was the lightest inventory since October. February placements came in at 1.734m head, a 7.2% drop. The trade was looking for a 6% yr/yr drop on average. The monthly update showed 1.735m head were marketed in February, which was 5% below last year and slightly fewer than expected.
USDA’s wholesale Boxed Beef prices were mixed on Monday, with Choice down by $2.33 and Select $1.50 higher. That had the Chc/Sel spread to $7.08. USDA estimated Monday’s FI cattle slaughter at 125k head. That matched last week and is 8,000 more than the same Monday last year.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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