Cattle Market Gains Triple Digits

Futures were up $.87 to $1.70 today. Yesterday, there were 6 more tenders against August fat cattle futures, the total through the first two days of deliveries is now 12 contracts. 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 of the 890 head listed for a wtd average price of $104.41. The front month feeder cattle market was $0.75 to $1.47 stronger on the day. The August 11 Feeder Cattle Index from CME rebounded 20 cents back to $142.62. From the August WASDE report, USDA expects 2020 beef production will be 27.028b lbs. That is up 94m lbs from the July estimate, via an increase in the second half of the year. 2021 beef production is expected to increase 2.2% yr/yr to 27.62m lbs, as USDA revised the second half of the year 100m lbs lower. 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 is 1,000 head above last week, and even with the same week last year’s pace.

Aug 20 Cattle closed at $106.350, up $1.700,

Oct 20 Cattle closed at $109.575, up $1.275,

Dec 20 Cattle closed at $112.550, up $0.875,

Aug 20 Feeder Cattle closed at $145.250, up $0.750

Sep 20 Feeder Cattle closed at $147.950, up $1.325

Oct 20 Feeder Cattle closed at $149.100, up $1.475

--- provided by Brugler Marketing & Management




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