Positive Movement in Cattle Futures
Embracing a more cheerful bounce, fat cattle futures saw an increase of 25 cents to $1.05 across the front months. The April session kickstarted on a high note, witnessing a trading range fluctuating from +13 to +92 cents throughout the day. Nearby feeder prices mirrored this upward trend, gaining $1.30 to $2 by the closing bell.
Impressive Sales Data and Market Activity
USDA’s latest report on weekly export sales revealed a significant uptick, with 18,682 MT of beef sold in the week concluding on 3/28, marking an 8-week high. Simultaneously, shipments amounted to 13,344 MT, showcasing robust demand in the market.
Analysis and Closing Figures
Amidst these positive developments, USDA’s Wholesale Boxed Beef prices showed a minor dip, with a $4.15 decrease in Choice and an 87 cents reduction in Select. Additionally, the cattle slaughter estimate for the week through Thursday stood at 474,000 head, reflecting a slight decline from the previous week.
As the markets wrapped up for the day, April 24 Cattle closed at $181.475, showcasing an increase of $0.550, while Jun 24 Cattle climbed to $175.850, up by $0.250. Meanwhile, Aug 24 Cattle closed at $173.325, marking a rise of $0.625. In the feeder cattle segment, Apr 24 Feeder Cattle saw a notable increase, closing at $242.700, up $1.750, and May 24 Feeder Cattle closed at $243.875, showing an increase of $1.300.
On the date of publication, Alan Brugler 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.
