Live Cattle Market Shows Positive Trends Amidst Fluctuating Prices

On Thursday, live cattle futures experienced gains ranging from 32 cents to $1.67 by the close of trading. The Central Stockyards online Fed Cattle Exchange auction reported sales of 393 out of 2,380 head at a price of $189. In southern markets, sales were recorded at $190, while northern prices ranged from $190 to $192. Meanwhile, feeder cattle futures finished the day with increases of 67 cents to $1.70, although the CME Feeder Cattle Index fell by $1.15 to settle at $249.56 as of October 23.

Looking ahead to the Friday afternoon Cattle on Feed report, analysts anticipate that September placements will be about 96% of last year’s figures, with marketings expected to reach 102% of the 2023 total. Additionally, the inventory of cattle on feed as of October 1 is projected to decrease by 0.3%. In the week ending October 17, beef export sales totaled 16,712 metric tons (MT), an increase of 18.94% compared to the previous week. Notably, South Korea purchased 6,500 MT, while China bought 4,600 MT. There were also reports of 2,100 MT in advance sales for 2025. Shipment totals for that week reached a three-week high at 16,050 MT, with South Korea as the top destination, receiving 4,400 MT, followed by Japan at 3,200 MT.

According to the USDA’s Thursday afternoon report, wholesale Boxed Beef prices declined. Choice boxes dropped by 24 cents to $321.17 per cwt, and Select boxes fell $1.43 to $294.34. Consequently, the Choice/Select spread widened to $26.83. The USDA also estimated Thursday’s federally inspected cattle slaughter at 124,000 head, bringing the week-to-date total to 491,000 head. This figure is 3,000 head lower than the previous week and down by 10,785 head compared to the same week last year.

Oct 24 Live Cattle closed at $189.300, up $1.675.

Dec 24 Live Cattle closed at $189.250, up $1.375.

Feb 25 Live Cattle closed at $189.950, up $1.325.

Oct 24 Feeder Cattle closed at $249.400, up $0.825.

Nov 24 Feeder Cattle closed at $248.525, up $1.300.

Jan 25 Feeder Cattle closed at $245.525, up $1.700.

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in any of the securities mentioned in this article. The information presented in this article is intended solely for informational purposes. For more details, please review the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.