Cattle Market Higher at Midday

December Live cattle options expire today and first notice day for delivery is Monday. Live cattle futures are higher so far on Friday, albeit gains are limited to 27 cents in the front months Feeder cattle futures are back up at midday, with gains of 42 to 60 cents so far. The 12/04 CME Feeder Cattle index was $144.53, dropping by 66 cents. The USDA monthly beef and veal conversions were updated through October to show 248.594 million lbs of beef was shipped through the month. The yearly total, at 2.522 billion lbs, is the second highest on record through October, just 111 mlbs behind last year’s record. Japan was the destination for 22.03% of beef shipments in October, with near record shipments to South Korea for October, their share was 21.14% of total shipments through the month. Wholesale boxed beef prices were mixed this morning to tighten the spread to 16.89. Choice boxes showed a 42 cent drop, while select boxes were up 17 cents. Cash sales range from $117 to $119.50 on the week so far, with dressed sales ranging from $187-$189. USDA estimated the week to date FI cattle slaughter at 477,000 head through Thursday, compared to the same week last year which was at 482,000.

DEC 19 Cattle closed at $120.050, up $0.125,

FEB 19 Cattle closed at $124.875, up $0.275,

APR 20 Cattle closed at $125.225, up $0.075,

JAN 19 Feeder Cattle closed at $141.175, up $0.625

MAR 19 Feeder Cattle closed at $141.575, up $0.425

APR 19 Feeder Cattle closed at $143.725, up $0.600

---provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
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