Cattle Market Looks for Liquidity After Locked Limit Monday

Live cattle futures posted limit losses in the nearby contracts on Monday. Feeder cattle futures were also locked limit down. Both will see expanded limits today. The kill will likely be lower this week due to the Tyson fire in KS and an indefinite shut down there. The Garden City plant typically kills 5,000-6,000 head per day that now have to find another place to go. The CME Feeder Cattle Index was down 56 cents on August 9 at $141.10. Wholesale boxed beef prices were sharply higher on Monday afternoon due to the disruption in supply. Choice boxes were up $2.25 at $218.62, with Select boxes up $3.98 @ $197.79. USDA estimated Monday’s FI cattle slaughter at 115,000 head, down 4,000 head from the previous week and 2,000 head below the same week last year. 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.


--provided by Brugler Marketing & Management




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