Live Cattle Futures Tumble as Feeder Cattle Prices Decline
Live cattle futures ended lower, with losses ranging from 30 to 62 cents. There were no new deliveries for October cattle on Monday. Last week, Southern cash sales stood at $188, while Northern sales were at $188 live and $296 for beef.
Feeder Cattle Prices Drop at Auction
Feeder cattle futures fell between 75 cents and $1.25 during Monday’s session. The CME Feeder Cattle Index decreased by 54 cents, settling at $250.26 as of October 18. The Oklahoma City feeder cattle auction is projected to have 8,600 head for sale, significantly higher than both last week and the same period last year. Initial reports indicated steady to $3 lower prices for feeder steers and steady to $2 lower for feeder heifers. Prices for heifer calves remained steady, while steer calves declined by $2 to $5.
Wholesale Beef Prices Show Gains
In a contrast to the futures market, USDA wholesale Boxed Beef prices increased once more in Monday’s afternoon report. Choice boxes rose by $2.21 to $322.86 per hundredweight (cwt), and Select boxes climbed $2.01 to $296.21. This has widened the Choice/Select spread to $26.65. The USDA also estimated that federal cattle slaughter for Monday was 120,000 head, consistent with the previous Monday, but down by 4,928 head from the same Monday last year.
Closing Prices for Cattle Futures
Oct 24 Live Cattle closed at $187.000, down $0.625,
Dec 24 Live Cattle closed at $186.825, down $0.500,
Feb 25 Live Cattle closed at $187.625, down $0.500,
Oct 24 Feeder Cattle closed at $247.575, down $0.750,
Nov 24 Feeder Cattle closed at $246.600, down $1.000,
Jan 25 Feeder Cattle closed at $244.250, down $1.250.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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