Live Cattle Futures Rise Amid Mixed Feeder Cattle Action
Live cattle futures increased at Wednesday’s close, with contracts rising 70 cents to reach $1. Cash trading began on Wednesday, showing sales of $229-$230 per live cattle in the north, and dressed cattle selling for $360-$370. Additionally, some sales were recorded in Kansas at $224-$227. On that same day, the Fed Cattle Exchange’s online auction from Central Stockyards reported no sales for the 1,298 head listed, with bids ranging from $216 to $217.
Feeder Cattle Trends and CME Index
Feeder cattle futures exhibited mixed results. The nearby May contract rose by 30 cents ahead of its Thursday expiration, while other contracts decreased by $1.07 to $1.15. On May 20, the CME Feeder Cattle Index rebounded by 31 cents, averaging $297.64.
Beef Market Insights
According to the USDA’s National Wholesale Boxed Beef report released Wednesday afternoon, prices were higher, and the Choice/Select (Chc/Sel) spread narrowed to $11.31. Choice boxed beef increased by 84 cents to $359.59, while Select boxed beef was up by $3.32, priced at $348.28 per hundred pounds. Furthermore, USDA’s weekly estimated cattle slaughter reached 120,000 head, bringing the total for the week to 255,000 head. This figure is 16,000 head higher than the previous week but down 3,530 head compared to the same week last year.
Market Summary
Jun 25 Live Cattle closed at $214.150, up $0.975.
Aug 25 Live Cattle closed at $208.650, up $0.800.
Oct 25 Live Cattle closed at $206.075, up $0.775.
May 25 Feeder Cattle closed at $296.300, up $0.300.
Aug 25 Feeder Cattle closed at $296.425, down $1.075.
Sep 25 Feeder Cattle closed at $295.050, down $1.150.
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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
