Live Cattle Futures Show Strong Gains as Cash Market Strengthens
Live cattle futures increased by 27 to 85 cents today, reflecting a positive trend in the cash market. Last week, cash trade prices settled around $191 in the South and between $191 and $192 in the North, marking a $1 to $2 increase from the previous week. Interestingly, no deliveries were made against December live cattle on the first notice day.
Feeder Cattle See Mixed Movements Amid Weaker Cash Market
In January, feeder cattle prices experienced slight declines due to a weaker cash market, while other contracts saw an increase of 17 to 67 cents. The CME Feeder Cattle Index climbed by 42 cents from the prior day, reaching $262.25 as of December 6. The weekly Oklahoma City (OKC) feeder cattle auction has around 13,000 head available today, significantly more than both last week and the same week last year. Price action reflected a drop of $3 to $7 for feeder steers and a steady to $5 lower movement for feeder heifers, with calves decreasing by $10.
Boxed Beef Prices and Slaughter Estimates Reflect Market Trends
According to the USDA’s Monday PM report, wholesale boxed beef prices rose. Choice boxes increased by $2.10 to $314.14 per hundredweight (cwt), while Select boxes climbed $2.61 higher to $279.34. The USDA estimated that Monday’s federally inspected cattle slaughter reached 119,000 head. This figure is 2,000 head higher than the previous Monday but down by 6,212 from the same week last year.
Current Futures Price Overview
Dec 24 Live Cattle closed at $187.800, an increase of $0.425.
Feb 25 Live Cattle closed at $187.025, rising $0.850.
Apr 25 Live Cattle closed at $188.950, up $0.650.
Jan 25 Feeder Cattle closed at $255.800, down $0.025.
Mar 25 Feeder Cattle closed at $255.200, an increase of $0.525.
Apr 25 Feeder Cattle closed at $256.250, up $0.675.
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.
