Cattle Look to Trade Ahead of CoF Report

Close up of brown cow in pasture

Live cattle futures posted mixed trade on Thursday with front months 40 to 45 cents higher and other contracts 5 to 50 cents lower. Trade talk has regionals and majors bidding $310-312 in the north, with asking prices $315 or higher and up to $200 live. Thursday’s Central Stockyards Fed Cattle Exchange auction saw sales of $189-190 in TX and $193 in IA, with both sales using their BidTheGrid™ method. Feeder cattle futures were also mixed on Thursday, with September up a nickel, with other contracts down 10 to 77 cents.  The CME Feeder Cattle Index was down $1.60 on June 18 at $255.47. 

USDA will release an updated Cattle on Feed report this afternoon, with the trade expecting to see May placements down 1.5% from a year ago. There are some contrarian thoughts, with traders calling for anything from a 5% drop to a 2.4% increase. May marketings are seen up 0.5% on average. June 1 Cattle on Feed is projected to be down 1% vs. last year. 

USDA reported higher wholesale Boxed Beef prices on Thursday afternoon. Choice boxes were up another $2.17 to $322.87/cwt, with Select back up $1.14 at $304.40. The Chc/Select spread widened to $18.47. USDA estimated FI slaughter for Thursday at 121,000 head, with the weekly total at 481,000. That is down 8,000 head from the previous week and 23,561 head below the same week last year. 

Jun 24 Live Cattle  closed at $187.075, up $0.400,

Aug 24 Live Cattle  closed at $182.550, up $0.450,

Oct 24 Live Cattle  closed at $183.825, down $0.050,

Aug 24 Feeder Cattle  closed at $259.825, down $0.125,

Sep 24 Feeder Cattle  closed at $261.175, up $0.050,

Oct 24 Feeder Cattle  closed at $261.875, down $0.100,


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.