Live Cattle Futures Slide as Auction Sees No Sales
Market Insights and Price Movements
Live cattle futures fell between 5 to 42 cents on Wednesday. The Central Stockyards online Fed Cattle Exchange auction reported no sales for the 2,380 head offered, with bids ranging from $183 to $186.50. Meanwhile, feeder cattle futures decreased by 85 cents to $2.60. The CME Feeder Cattle Index regained 6 cents, closing at $250.71 on October 22.
Analysts Anticipate Cattle Report
As we approach the Friday afternoon Cattle on Feed report, analysts predict that September placements will be recorded at 96% of last year’s total. Additionally, marketings are expected to be at 102% of the 2023 total. The on-feed inventory for October 1 is estimated to decrease by 0.3%.
Boxed Beef Prices Show Variability
In the USDA’s Wednesday afternoon report, wholesale Boxed Beef prices were mixed. Choice boxes declined by $2.55 to $321.41 per cwt, while Select boxes increased by 97 cents to $295.77. The spread between Choice and Select narrowed to $25.64. Furthermore, the USDA’s estimated federally inspected cattle slaughter on Wednesday was 124,000 head, bringing the week-to-date total to 367,000 head. This reflects a decrease of 3,000 head compared to the previous week and a drop of 9,278 head from the same week last year.
Cattle Futures Closing Prices
Oct 24 Live Cattle closed at $187.625, down $0.425.
Dec 24 Live Cattle closed at $187.875, down $0.250.
Feb 25 Live Cattle closed at $188.625, down $0.200.
Oct 24 Feeder Cattle closed at $248.575, down $0.850.
Nov 24 Feeder Cattle closed at $247.225, down $1.700.
Jan 25 Feeder Cattle closed at $243.825, down $2.225.
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
