Bullish Momentum in Cattle Futures
The cattle futures market wrapped up the day with a noteworthy surge, as nearby contracts recorded gains ranging from $1.32 to $1.80. The feeders sector outshined with even greater momentum, climbing $1.92 to $3.12. Market dynamics were at play, with USDA data showing cash trades for the week hovering between $185 and $190. Friday’s dealings were particularly robust, with Southern trades settling at $186 and Northern transactions between $187 and $188. Feeder cattle sales at the OKC auction reflected a buoyant market sentiment, totaling 6.3k head, making up 44% steers and a significant 75% weighing in at less than 600lbs. The 3/15 CME Feeder Cattle Index closed at a robust $250.86, encompassing a formidable increase of $1.86.
Beef Market Shows Strength
USDA’s Boxed Beef prices experienced an upswing on Monday’s trading session, with the Choice category at $313.33, scaling by $1.43, and Select at $303.05, rising 65 cents. Meanwhile, USDA’s report on Monday’s FI cattle slaughter indicated 120k head, marking an increase from the previous week’s 111k head count, yet still falling 4.6k head short compared to the same period last year.
Market Closing Figures
Apr 24 Cattle closed at $188.575, notching a $1.325 uptick,
Jun 24 Cattle concluded at $185.400, rising by $1.800,
Aug 24 Cattle finished at $184.350, increasing by $1.725,
Mar 24 Feeder Cattle sealed at $251.200, climbing $1.925
Apr 24 Feeder Cattle wrapped up at $255.100, soaring by $2.975
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.
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