Cattle Market Rallies on Firmer Cash Trade
Alan Brugler - Barchart - Thu Aug 13, 12:28PM UTC
Futures were up $.87 to $1.70 on Wednesday. August closed at $106.35, a $1.35 to $2.35 premium to the cash market. Wednesday cash sales were $104-$105 in the South, and $170 in the beef. The weekly FCE online cattle auction sold 602 head for a wtd average price of $104.41. The feeder cattle futures were $0.75 to $1.47 stronger on the day. The August 11 Feeder Cattle Index from CME rebounded 20 cents to $142.62. USDA increased 2020 beef production by 94m lbs to 27.028b lbs. They also cut 2021 production by 100m lbs to 27.62 billion. Wholesale boxed beef prices were higher. Choice boxes were $209.09 up by $1.01. USDA’s estimates WTD cattle slaughter at 347k head through Wednesday. That was 1,000 head above last week, and even with the same week last year’s pace.
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