After dropping triple digits yesterday, live cattle futures are plus a nickel to 77 cents at midday. Shorts are taking some money off the table ahead of this afternoon’s USDA report. Feeder cattle prices are mixed with losses limited to 35 cents and midday gains capped at 27 cents. The 10/21 Feeder Cattle Index dropped another $2.83 to $135.53. Thursday cash business was light; USDA reported a few sales from $103 to $105. The average of pre report estimates expects USDA to show 11.65m (+3.2%) head on feed on Oct 1. September placements in the COF report are estimated at 2.154m head (+2.4%). And the average estimate for Sept marketings is 1.839m head (+5.8%). Wholesale boxed beef prices were stronger in the AM quote. Choice boxes were up $0.11 and Select was $1.02 higher. USDA estimates FI cattle slaughter for the week through Thursday at 480,000 head. That is 4k above last week’s pace, and up 8k head from the same week last year.
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Oct 20 Cattle are at $103.725, up $0.400,
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Dec 20 Cattle are at $104.250, up $0.775,
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Feb 21 Cattle are at $107.275, up $0.500,
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Oct 20 Feeder Cattle are at $133.800, down $0.025
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Nov 20 Feeder Cattle are at $130.075, down $0.350
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Jan 21 Feeder Cattle are at $126.375, up $0.175
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--- provided by Brugler Marketing & Management
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