Mixed Performance in Live Cattle Futures Amid Ongoing Cash Trade Delays
Feeder Cattle Mixed as Rain Impacts Livestock Movement
Live cattle futures closed Tuesday’s session with a mixed bag of results. December futures fell by 30 cents, while other contracts showed gains between 2 to 45 cents. The cash trade has not yet gained momentum this week, mainly focusing on compiling showlists. Last week’s cash trade was reported between $189 and $190.
Feeder cattle futures also exhibited varied performance on Tuesday, with contracts fluctuating from 20 cents lower in the nearby months to an increase of 75 cents in the later contracts. The CME Feeder Cattle Index dipped by 27 cents, settling at $250.73 as of November 4. An online auction in Oklahoma City revealed only 1,995 feeder cattle up for sale—significantly lower than the same week last year and last week, primarily due to rains hindering livestock movement. Overall sales remained steady compared to the previous week.
September’s beef exports totaled 239.58 million pounds, as indicated by converted Census data. This figure represents a 3.5% increase from last year and a 0.6% rise from the previous month.
The USDA’s wholesale Boxed Beef prices showed mixed results in the Tuesday afternoon report. Choice boxes increased by 30 cents, reaching $318.21 per hundredweight (cwt), while Select boxes dropped $1.92 to $285.24. The spread between Choice and Select widened to $31.97. According to USDA estimates, Tuesday’s federally inspected cattle slaughter was 124,000 head, creating a week-to-date total of 244,000 head—1,000 head lower than last week and down 4,334 head compared to the same time last year.
December 24 Live Cattle closed at $184.775, down $0.300.
February 25 Live Cattle closed at $185.950, up $0.025.
April 25 Live Cattle closed at $187.000, up $0.125.
November 24 Feeder Cattle closed at $246.150, down $0.200.
January 25 Feeder Cattle closed at $242.350, down $0.075.
March 25 Feeder Cattle closed at $240.500, up $0.250.
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 are 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.
