Cattle Locked Limit Lower in Front Months

Live cattle futures are posting limit losses on Monday. Feeder cattle futures are also locked limit down at midday. The kill will likely be lower this week due to the Tyson fire in KS and an indefinite shut down there. The plant typically kills 5,000-6,000 per day that now have to find another place to go. The CME Feeder Cattle Index was down 20 cents on August 8 at $141.66. Wholesale boxed beef prices were higher on Monday morning, tightening the Chc/Sel spread to $20.19/cwt. Choice boxes were up $0.55 at $216.92, with Select boxes up $2.92 @ $196.73. USDA estimated weekly FI cattle slaughter at 645,000 head through Saturday, 19,000 head above the previous week and 2,000 head below the same week last year. Cash trade was reported at $113 in the North, with $110 in the South. Updated USDA data shows projected 2019 beef production down 86 million lbs from July, at 27.129 billion lbs. For 2020 projected production was raised by 145 million lbs to 27.565 billion.

AUG 19 Cattle are at $105.050, down $3.000,

OCT 19 Cattle are at $103.750, down $3.000,

DEC 19 Cattle are at $108.450, down $3.000,

AUG 19 Feeder Cattle are at $134.400, down $4.500

SEP 19 Feeder Cattle are at $133.950, down $4.500

OCT 19 Feeder Cattle are at $133.750, down $4.500

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
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