Live Cattle Market Sees Gains Amid Mixed Beef Prices
Strong Movement in Cattle Futures as Feeders Lead the Way
Live cattle futures experienced notable increases on Monday, with prices rising between 72 cents and $1.55. Last week, cash trading settled around $185 nationwide, reflecting a drop of $1 to $3. Today’s market actions primarily focused on compiling showlists. Meanwhile, feeder cattle futures were particularly strong, with most contracts climbing $2.275 to $3.025; specifically, November futures rose by 72 cents. The CME Feeder Cattle Index also saw an uptick of 31 cents, closing at $252.62 on November 15. The weekly Oklahoma City feeder cattle auction is expected to feature around 8,000 head for sale today, surpassing both the same week last year and the previous week. Prices for feeders remained steady, with calves weighing under 450 lbs increasing by $10.
USDA’s Monday PM report on wholesale boxed beef prices showed a mixed result. Choice boxes increased by $3.94 to $307.28 per hundredweight (cwt), while Select boxes fell by 69 cents to $275.45. Consequently, the Choice/Select spread widened to $31.83. In terms of cattle slaughter, the USDA estimated that 118,000 head were processed Monday; this figure is up 6,000 from the previous Monday and represents an increase of 9,210 from the same day last year.
Dec 24 Live Cattle closed at $184.100, up $1.150,
Feb 25 Live Cattle closed at $185.975, up $0.725,
Apr 25 Live Cattle closed at $187.925, up $0.525,
Nov 24 Feeder Cattle closed at $251.825, up $0.725,
Jan 25 Feeder Cattle closed at $249.500, up $2.275,
Mar 25 Feeder Cattle closed at $248.625, up $2.975.
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.
