Schwieterman Cattle   Schwieterman Cattle   Boxed beef breaks $300

Live Cattle
Short Term: Down
Long Term: Down
Opening Calls: Mixed

Live cattle futures continued to take out support levels on Tuesday, breaking through and closing below the 200 day moving average for the first time since October. June dropped 2.27 for the session in spite of another day of higher beef prices. Choice broke above 300.00 for the first time ever, reaching 301.22 and select was modestly higher at 283.91. Equities are moderately higher overnight and the Dollar is modestly lower. Commodity prices in general are firm.

Feeder Cattle
Short Term: Down
Long Term: Down
Opening Call: Mixed

Feeder cattle futures closed sharply lower on Tuesday, with the spot May contract off 3.30 for the day. Corn was and is higher, with July futures above 7.00 overnight. Cash index levels saw some modest strength on Tuesday, to 132.76. Next support for the May futures is 129.40 and then contract lows of 127.00.

Bret Crotts

NBW Reports