Cattle Market Up at Midday

Front month cattle futures are trading 27 to 60 cents in the black at midday. Feeder cattle futures are up by as much as 95 cents so far. The CME Feeder Cattle index for July 8 was $133.69, up by $3.54. In the monthly WASDE updates, USDA estimates 2020 beef production at 26.934b lbs. That is up from June’s 26.674. The increase was mostly to 3Q, up 105m lbs to 7.02 billion. 4Q production is estimated at 6.935 b lbs. Wholesale boxed beef prices were mixed this morning, widening the Chc/Sel spread to $10.84. Choice boxes were $1.17 higher, and Select boxes dropped by 91 cents. The week’s cattle slaughter is 474,000 head through Thursday. That trails last week by 10,000 head and is 2k head below the same week last year.

Aug 20 Cattle are at $99.800, up $0.550,

Oct 20 Cattle are at $104.275, up $0.350,

Dec 20 Cattle are at $108.050, up $0.600,

Aug 20 Feeder Cattle are at $135.400, up $0.875

Sep 20 Feeder Cattle are at $136.900, up $0.725

Oct 20 Feeder Cattle are at $138.075, up $0.950

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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