On April 25, 2023, live cattle futures rose between $1.30 and $1.85, driven by favorable equity market conditions. Preliminary open interest indicated a net increase of 3,249 contracts. Cash trade reported sales at $213, while no sales occurred in the recent Fed Cattle Exchange auction involving 1,346 head, with bids between $207 and $208. Feeder cattle contracts also saw gains of up to $1.425.
The USDA’s National Wholesale Boxed Beef report showed mixed results, with Choice boxes rising 24 cents to $331.97/cwt and Select dropping $3.13 to $314.52, widening the Chc/Sel gap to $17.45. Estimated federally inspected cattle slaughter for Wednesday was 122,000 head, bringing the weekly total to 350,000, which is down 7,000 head from the previous week and 13,747 head compared to the same week last year.
