Live Cattle Futures Rise While Feeder Cattle Show Mixed Results

On Monday, live cattle futures experienced gains, with contracts increasing by 75 cents to $1.20. Cash transactions were subdued, while last week, Southern sales ranged from $218 to $220, remaining steady. In the North, prices reached $229. Conversely, feeder cattle futures presented a mixed day; front-month contracts decreased by 12 cents, settling at $1.17, while some fall contracts rose. The CME Feeder Cattle Index fell by $1.97 as of May 16, averaging $298.86. An estimated 9,400 head are listed for sale at this week’s OKC feeder cattle auction, indicating a lower market tone early on.

Crop Progress and Pasture Conditions

Recent Crop Progress data indicated that 40% of U.S. pasture ground is rated as good or excellent, reflecting a 4% improvement from the previous week. Additionally, the Brugler500 index rose by 8 points to 303.

Boxed Beef Prices and Slaughter Estimates

The USDA’s National Wholesale Boxed Beef report issued on Monday showed positive trends, with the Chc/Sel spread at $10.70. Choice boxes increased by $2.32 to $354.81, while Select boxes rose by $1.72, reaching $344.11 per hundred pounds. Monday’s federally inspected cattle slaughter is estimated at 115,000 head, which is 16,000 head more than the previous week but down 3,333 head from the same Monday last year.

Closing Prices for Live and Feeder Cattle

Jun 25 Live Cattle closed at $212.975, up $0.750.

Aug 25 Live Cattle closed at $207.925, up $1.175.

Oct 25 Live Cattle closed at $205.075, up $1.100.

May 25 Feeder Cattle closed at $295.675, down $1.175.

Aug 25 Feeder Cattle closed at $297.475, down $0.125.

Sep 25 Feeder Cattle closed at $296.325, up $0.050.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data are for informational purposes only. For more details, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.