Cattle Gain +$2 on Wednesday

 

Alan Brugler, Barchart

Jun 15, 2022

 

At the Wednesday close live cattle futures were $0.82 to $2.72 stronger. Prices did fade their midday highs, which for June left about 45 cents on the table. The other contracts left more on the table, but had filled their gaps to start the week – though they left new gaps at the open. The FCE auction had no sales for the 790 head listed today. Asks jumped up to the $138-$140 range, bids were also higher @ $135-$138. USDA mentioned limited Wednesday sales in the North, from $144 - $148, with the bulk near $145 and $230 dressed. Southern deals were light on Wednesday with Tuesday’s market near $136 - $138 as the bulk so far. 

 

Multiple reports of dead cattle from heat loss are flooding wire and social media sources. It is difficult to compute a total at this point. Temperatures in the South went from highs in the 80s last week to +100s through Wednesday.

 

Front month feeder cattle futures also closed off their highs for the day, but still ended with $1.17 to $1.97 gains. The CME Feeder Cattle Index was back down by another 11 cents to $160.18, 1.58 on 6/10 to $160.29.

 

Wholesale Boxed Beef prices in the PM report were lower, as Choice was down by $1.22 and Select was down by $1.14. USDA estimated the WTD cattle slaughter at 368,000 head through Wednesday. That is down 11k head from last week’s pace but is still up 8k head yr/yr. 

 

more, including links

https://www.barchart.com/story/news/8751480/cattle-gain-2-on-wednesday