Cattle Market Gaining at Midday

Front month fat cattle futures are trading with 35 to 57 cent gains at midday. Feeder cattle futures are trading with 30 to 65 cent gains. September feeder cattle futures expire at the close this afternoon. The CME Feeder Cattle Index was a $0.28 premium to Sept futures, at $142.28 for September 22. USDA reported light Wednesday cash sales mostly at $105. The week’s range of sales so far is $103 to $105.25. Dressed sales were reported at $164 for Wednesday. USDA reported beef export sales were 18,010 MT on the week ending Sept 17. That was up 26% wk/wk, but down 6% from the same week last year. This morning’s update showed wholesale boxed beef prices further recovering. Choice boxes were quoted @ $217.58, up $1.71 cwt. Select boxes were 59 cents higher to $208.19. In anticipation for USDA’s monthly CoF report, trade expects on feed on Sept 1 to be 11.355 million head. That comes from 3.4% lower marketings and a 5.9% expected bump in placements. USDA estimates the week’s FI cattle slaughter through Wednesday at 361k head. That compares to 360,000 head LW and 350,000 head LY.

Oct 20 Cattle are at $107.725, up $0.575,

Dec 20 Cattle are at $111.700, up $0.500,

Feb 21 Cattle are at $115.175, up $0.375,

Sep 20 Feeder Cattle are at $142.300, up $0.300

Oct 20 Feeder Cattle are at $141.925, up $0.400

Nov 20 Feeder Cattle are at $142.125, up $0.475

--- provided by Brugler Marketing & Management

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