Cattle Market Sees Another Dead Cat Bounce

Live cattle futures ended the Tuesday session with most nearby contracts $1.95 to $2.35 higher. They hit the lowest price on the front month continuation chart since 2010 on Monday. Feeder cattle futures were up $1.075 to $1.90 higher in the nearby contracts. The CME Feeder Cattle Index was 33 cents lower on September 9 at $137.44. Wholesale boxed beef prices were lower on Tuesday afternoon. Choice boxes were down $1.57 at $225.38, with Select boxes 94 cents lower @ $200.98. The Select boxes have declined 5% just since Labor Day. USDA estimated week to date FI cattle slaughter @ 231,000. That is down 8,000 head from the same week a year ago. A total of 636 head are listed for sale in this week’s FCE online auction.

-- provided by Brugler Marketing & Management




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