Cattle Futures Mixed As Cash Rally Firms Basis

Thursday cattle trading left futures mixed to mostly lower. Losses were 37 to 62 cents in the front months, while October fats gained a nickel. Feeder cattle futures closed down by $0.57 to $1.32 on the day. The CME Feeder Cattle Index for September 16 was $141.20, back up by another 60 cents. Thursday live cattle trades in NE were at $103, and from $104-$106 for the WCB. USDA mentioned minimal dressed basis sales. The weekly Export Sales report showed 14,274 MT of beef sold on the week ending 9/10. That was down 8% wk/wk and 14% below the same week last year. Beef exports were also down, with 14,116 MT shipped on the week. Wholesale boxed beef prices dropped on Thursday, widening the Choice/Select spread to $11.66. Choice was down 33 cents to $215.05 cwt., and Select boxes fell back $1.12. FI cattle slaughter was estimated at 119k head on Thursday, with the week to date at 479,000. That is 8,000 head above Thursday of the same week last year.

--- provided by Brugler Marketing & Management




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