Midday Market Update: Cattle Futures Show Gains Amid Mixed Cash Trade
Live cattle futures have seen increases ranging from $1.10 to $1.55 at midday. In the cash trade, Northern sales were reported at $208, reflecting a drop of $2 to $4 from the previous week. Meanwhile, Southern sales came in at $206, also down by $2 from last week. Additionally, feeder cattle futures are experiencing an upward trend, gaining between $2.20 and $2.50. The CME Feeder Cattle Index recorded a decrease of $2.05 from the previous day, standing at $275.59 on February 6. The upcoming OKC weekly feeder cattle auction is expected to feature about 4,750 head for sale, representing nearly half of last week’s total and a decline from the same week last year.
According to the Commitment of Traders data, speculators have reduced their positions by 6,535 contracts in live cattle futures and options, bringing their net long position down to 150,374 contracts as of Tuesday. In the feeder cattle market, they held a net long position of 28,175 contracts by February 4, marking a decrease of 704 contracts for that week.
Wholesale Boxed Beef Prices Experience Mixed Outcomes
The USDA’s Monday morning report indicated a rise in wholesale Boxed Beef prices, with the Chc/Sel spread reported at $10.40. Choice boxes dropped by $2.21, now priced at $324.08 per cwt, while Select boxes saw a slight increase of $0.78, bringing their price to $313.69. The USDA’s estimated federally inspected cattle slaughter for last week was 584,000 head, which is 16,000 head lower than the previous week and down 33,013 head compared to the same week last year.
Latest Price Updates for Cattle Futures
Current pricing for Live Cattle is as follows:
- Feb 25 Live Cattle: $202.000, up $1.225
- Apr 25 Live Cattle: $198.300, up $1.525
- Jun 25 Live Cattle: $193.200, up $1.100
Feeder Cattle can be tracked with these updates:
- Mar 25 Feeder Cattle: $267.325, up $2.425
- Apr 25 Feeder Cattle: $267.075, up $2.250
- May 25 Feeder Cattle: $265.850, up $2.250
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned. All information provided is for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.
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