Cattle Futures Experience Mixed Results Amid Fluctuating Market Conditions
Live cattle futures wrapped up Tuesday’s trading session with a mixed performance. While some contracts saw a decline of 22 cents, others in the back months gained 35 cents. Last week, cash prices in the Southern market ranged between $191 and $192, whereas prices in the North reached between $195 and $196. No trade was reported on Monday, as most were still compiling showlists. Additionally, there were no deliveries against December live cattle on Tuesday.
Feeder Cattle Futures Surge
Tuesday saw feeder cattle futures rise, with contracts climbing $1.90 to $2.15. The CME Feeder Cattle Index increased by 81 cents from the previous day, now standing at $261.54 for December 16. During the latest OKC feeder cattle auction, 7,342 head were sold on Monday, with feeder steers selling for $5-10 higher and calves up by $8-13. Meanwhile, feeder heifers and heifer calves remained steady.
Wholesale Beef Prices Decline
The USDA’s wholesale Boxed Beef prices reported a dip in Tuesday’s afternoon update. Choice boxes fell by $1.74 to $315.63 per hundredweight (cwt), while Select boxes decreased by $1.07, settling at $288.50. The USDA also estimated that Tuesday’s federally inspected cattle slaughter reached 123,000 head, bringing the total for the week to 241,000 head. This figure is 2,000 head higher than the previous week, yet it shows a decrease of 6,465 head compared to the same period last year.
Closing Prices for Cattle Futures
Dec 24 Live Cattle closed at $192.250, up $0.225.
Feb 25 Live Cattle closed at $189.750, down $0.225.
Apr 25 Live Cattle closed at $191.575, down $0.175.
Jan 25 Feeder Cattle closed at $257.475, up $1.925.
Mar 25 Feeder Cattle closed at $258.275, up $1.900.
Apr 25 Feeder Cattle closed at $259.375, up $1.950.
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 those of the author and do not necessarily reflect those of Nasdaq, Inc.
