Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Cattle Posts Third Straight Gain in Anticipation of Inventory Data

June 23, 2016 at 23:46 by Brent Lantzy

Cattle futures are up for the third straight day on the Chicago Mercantile Exchange after posting their lowest close in 4 years on Monday, with the June contract touching $1.13725 and the August contract touching $1.09575 per pound.

June live cattle closed 1.4 cents (1.2%) higher at $1.16750 per pound. The August contract closed up 2.2 cents (2%) at $1.13850 per pound. August feeder cattle closed 2.2 cents (1.6%) higher at $1.42375 per pound.

The USDA’s May Livestock Slaughter report released today shows that US beef production was up 5% over last year, totaling 2.03 billion pounds, while slaughter totaled 2.51 million head, up 6% from May 2015. Traders are anticipating the June Cattle on Feed inventory report due to be released on Friday at 18:00 GMT. An Inside Futures article written by Paul Georgy of Allendale, Inc. estimates 102% on feed, 109.2% placed, and 105% marketed.

Midday choice beef cutout price for June 23 was down $1.62 from yesterday at $215.46 per cwt, while the select cuts were down by $0.01 to $198.34 per cwt, according to data provided by the USDA.

The CME Feeder Index price for the 7 days ending June 22 is $140.86, down 0.75 cents from the June 21 level of $141.61.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu