Feeder Cattle (P) Futures PricesThu, Jul 24th, 2014
Latest Brugler Feeder Cattle (P) Report
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Cattle futures are trading 50 cents to $1.00 higher after posting new life of contract highs. With the USDA Cattle on Feed report tomorrow, bouts of pre-report profit taking is inevitable. Weekly US beef export sales reported this morning were 10,800 MT. That is larger than last week despite higher prices. Wholesale beef prices are SHARPLY higher this morning, with Choice boxes up $3.28 at $255.87 and Select up $3.76 at $252.47. The Cattle on Feed report will be released on Friday, with the trade average guess (Bloomberg) for July 1 On Feed at 98.11% of year ago. The CME Feeder index was 16 higher at $210.64. Cash cattle are SHARPLY higher, with cash trades at $162 up $6 or more from last week. Dressed sales have been reported at $259-262.00. Packers had some margin, and some contracts to fill.
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