Cattle Futures Display Mixed Results Amid Light Cash Trade
Market Movements in Live and Feeder Cattle Prices
Live cattle futures wrapped up Thursday on a mixed note. October futures ended at $193, while other contracts showed variations, with prices ranging from 27 cents lower to up 50 cents for deferred contracts. Light trading activity was observed on Wednesday, with cash prices hitting $189-190. Today, some bids were again reported around $190. Meanwhile, feeder cattle futures declined between 12 to 90 cents, although the expiring October contract increased by $1.02 to reach $251.975. The CME Feeder Cattle Index stood at $251.20 as of October 30.
Beef Export Sales Drop With South Korea Leading Purchases
The week ending October 24 saw export sales of beef total 13,854 MT, marking a decrease from the prior week. South Korea emerged as the top buyer with 4,900 MT purchased, while 3,200 MT went to China. Looking ahead, sales included 5,700 MT scheduled for 2025. Total shipments for the week reached 15,737 MT, a decline from the week before, with significant exports including 4,800 MT to South Korea and 2,900 MT to Japan.
Wholesale Boxed Beef Prices Show Decrease
In the afternoon report from USDA, wholesale boxed beef prices fell. Choice boxes decreased by $1.84, settling at $317.60/cwt, while Select boxes dropped by $3.95 to $285.37. This widened the Chc/Sel spread to $32.23. On Thursday, the USDA estimated that federally inspected cattle slaughter reached 121,000 head, totaling 490,000 for the week. This reflects a reduction of 1,000 head from the previous week and 10,231 head from the same time last year.
Summary of Cattle Futures Performance
Oct 24 Live Cattle closed at $193.000, up $4.600.
Dec 24 Live Cattle closed at $186.300, down $0.125.
Feb 25 Live Cattle closed at $186.775, down $0.275.
Oct 24 Feeder Cattle closed at $251.975, up $1.025.
Nov 24 Feeder Cattle closed at $245.375, down $0.125.
Jan 25 Feeder Cattle closed at $241.325, down $0.650.
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.
