Live Cattle Futures Show Gains Amid Mixed Feeder Market
Live cattle futures are experiencing gains between 10 to 30 cents on Tuesday. Cash trade has started earlier this week, with reports of light sales in the South ranging from $218 to $220, marking a steady increase of up to $2 compared to last week.
In contrast, feeder cattle futures are declining, as prices drop between 27 to 70 cents. On May 2, the CME Feeder Cattle Index noted a decrease of $2.98, bringing the average price to $293.40. The weekly OKC feeder cattle auction saw an estimated 4,209 head available on Monday, with heavier steers fetching $2 to $7 higher, while lighter feeders weighing under 850 lbs increased by $5 to $10. Heifers remained steady, with increases up to $5.
Census data, adjusted to a carcass basis, indicated that beef exports for March totaled 255.76 million pounds. While this figure is slightly below last year’s numbers, it represents a three-month high. Additionally, USDA’s National Wholesale Boxed Beef prices continued to gain strength on Tuesday morning. The Choice/Select spread narrowed to $10.59, with Choice boxes up 60 cents to $344.17, and Select boxes rising $5.51 to $333.58 per hundred pounds. USDA estimated Monday’s federally inspected cattle slaughter at 109,000 head, which is 5,000 head above the previous week but 8,796 head lower than the same week last year.
Jun 25 Live Cattle are priced at $213.825, up $0.175.
Aug 25 Live Cattle are priced at $209.350, up $0.275.
Oct 25 Live Cattle are priced at $206.650, up $0.250.
May 25 Feeder Cattle are priced at $295.375, down $0.700.
Aug 25 Feeder Cattle are priced at $298.625, down $0.275.
Sep 25 Feeder Cattle are priced at $297.200, down $0.350.
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 in this article are 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.
