Cattle Market Slumps To Test Chart Support

Live cattle were also down by triple digits at the closing bell on Thursday as futures fell by $1.50 to $2.60 in the nearbys. Feeder cattle futures ended the Thursday session with losses of $2.50 to $2.77 in the front months. Jan feeder futures were down by $1.15, and with only a week left before expiration, the futures are below the index. The 01/22 CME Feeder Cattle index was down 31 cents to $144.86. Afternoon boxed beef prices were mixed, widening the Chc/Sel spread to $4.12. Choice boxes were at $215.32 following a 36 cent increase, while Select boxes were down 82 cents to $211.20. Cash sales this week, were $124.00 in NE, and $125 today in the WCB according to USDA reports. Average trade estimates for this afternoon’s CoF report have Jan 1 cattle on feed at 11.948 million head, up about 2%. Placements in December are estimated at 1.828 million head, which would be 3.4% higher. The average trade estimate is to see a 5.2% increase yr/yr in December marketings. USDA’s estimated weekly FI cattle slaughter through Thursday was 490,000 head.

---provided by Brugler Marketing & Management

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