Ups and Downs Midweek
Despite an initial slump in midweek trading, the cattle market showcased remarkable resilience as futures closed the day on a positive note. Fat cattle experienced an upward trend of 20 to 50 cents, while feeders soared by as much as $1.42. Wednesday’s cash trade, as confirmed by the USDA, mostly hovered around $185 – a modest $3 decline from the previous week. Additionally, the 3/26 CME Feeder Cattle Index saw a slight dip of 36 cents, resting at $251.27.
Boxed Beef Prices and Slaughter Numbers
Boxed Beef prices took a slight hit on Thursday, with Choice witnessing a $2.51 decrease and Select weakening by $1.83. Notably, rib prices were reported at $471.72 and $455.05 cwt. respectively. Moreover, the week’s FI cattle slaughter stood at 367k head by Wednesday’s end, slightly surpassing the 358k head count from the previous week but falling short of the 375.3k head recorded during the same period last year.
Cattle Futures at Close
Apr 24 Cattle closed at $183.600, up $0.500,
Jun 24 Cattle closed at $178.675, up $0.300,
Aug 24 Cattle closed at $176.675, up $0.250,
Mar 24 Feeder Cattle closed at $248.050, up $0.325
Apr 24 Feeder Cattle closed at $246.875, up $1.425
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.
