Mixed Results for Live and Feeder Cattle Futures This Week
Live cattle futures exhibited a mixed performance, with nearby June futures buoyed by stronger cash prices, rising by 42 cents. In contrast, other contracts fell between 40 to 55 cents. On a weekly basis, June futures increased by $3.57. Cash market activity settled this week with prices ranging from $218 to $220 in the Southern region, while Northern prices were noted at $225 to $228.
Feeder cattle futures also showed varied results. May contracts rose by 50 cents, while other contracts experienced declines ranging from 95 cents to $1.20. Despite these fluctuations, May futures still gained $3.02 for the week. The CME Feeder Cattle Index recorded an increase of $0.36 on May 8, bringing the average price to $296.14.
Commitment of Traders Data
Data from the Commitment of Traders report revealed an addition of 4,498 contracts to the managed money net long position for the week ending May 6. This brought the total net long position to 133,388 contracts. In the feeder cattle sector, speculators returned 1,541 contracts to their net long position, which now stands at 29,442 contracts.
Boxed Beef Prices and Slaughter Estimates
The USDA reported lower National Wholesale Boxed Beef prices on Friday afternoon, with the Choice/Select spread at $14.80. Choice boxed beef prices fell by $1.92 to $345.97, while Select decreased by $2.03, reaching $331.17 per hundred pounds. The federally inspected cattle slaughter for the week was estimated at 559,000 head, remaining stable compared to the previous week but down 56,769 head compared to the same week last year.
Live Cattle Closing Prices
Jun 25 Live Cattle closed at $214.675, up $0.425.
Aug 25 Live Cattle closed at $209.575, down $0.425.
Oct 25 Live Cattle closed at $206.950, down $0.525.
Feeder Cattle Closing Prices
May 25 Feeder Cattle closed at $297.975, up $0.500.
Aug 25 Feeder Cattle closed at $300.300, down $0.950.
Sep 25 Feeder Cattle closed at $299.025, down $1.200.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any securities mentioned in this article. All information and data are strictly for informational purposes. For further details, please refer to the Barchart Disclosure Policy.
The views and opinions expressed in this article are those of the author and do not necessarily reflect those of Nasdaq, Inc.
