Live Cattle Futures Rise with Concerns Over Export Sales
On Thursday, live cattle futures achieved gains ranging from $1.45 to $2.15 in the front months. Cash trading was reported at $230-231 live in the north, with dressed sales between $360-370. Several transactions occurred in Kansas at prices between $224-229. Meanwhile, feeder cattle futures closed Thursday’s session with increases of $3.25 to $3.60, although nearby May contracts fell by 90 cents. The CME Feeder Cattle Index rose by 31 cents on May 21, averaging $295.69.
Export Sales Trends
Data on export sales highlighted a total of 12,276 metric tons of beef sold during the week ending May 15. This figure marked a decrease from the prior week. Japan emerged as the leading buyer, securing 3,600 metric tons, while South Korea imported 2,800 metric tons. Shipment totals were recorded at 14,828 metric tons, reflecting an increase from the previous week, with 5,400 metric tons destined for South Korea and 4,100 metric tons for Japan.
Beef Prices and Slaughter Rates
The USDA’s National Wholesale Boxed Beef price rose in the Thursday afternoon report, with the choice/select spread noted at $12.02. Choice boxes increased by $1.38 to reach $360.97, while select boxes were up 67 cents to $348.95 per hundred pounds. The USDA estimated the federally inspected cattle slaughter for Thursday at 116,000 head, bringing the week’s total to 471,000 head. This represents an increase of 12,000 head from the prior week but shows a decline of 8,832 head from the same week last year.
Live and Feeder Cattle Closing Numbers
June 25 Live Cattle closed at $215.625, up $1.475.
August 25 Live Cattle closed at $210.500, up $1.850.
October 25 Live Cattle closed at $208.225, up $2.150.
May 25 Feeder Cattle closed at $295.400, down $0.900.
August 25 Feeder Cattle closed at $299.775, up $3.350.
September 25 Feeder Cattle closed at $298.625, up $3.575.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
