Live Cattle Futures Show Mixed Results Amid Quiet Cash Trade

On Thursday, live cattle futures experienced modest gains, with contracts rising between 40 to 65 cents before settling off their highs. The cash trade has shown limited activity this week, highlighted by a few light sales reported at $200 in Kansas on Wednesday. Meanwhile, feeder cattle declined, with futures falling by a down tick to 75 cents at market close. The CME Feeder Cattle Index rebounded to $281.25 as of March 13, marking an increase of $2.54.

USDA Export Sales Report: Strong Demand for U.S. Beef

The USDA’s Export Sales report for the week ending March 6 showed beef bookings at 14,331 metric tons (MT), a recovery from the prior week. Japan led as the largest buyer, purchasing 4,600 MT, followed by South Korea with 3,000 MT and China with 2,500 MT. Shipment totals reached a five-week high of 15,930 MT, with South Korea and Japan each accounting for 4,400 MT, along with 2,500 MT sent to China.

Boxed Beef Prices Decline

The USDA’s Thursday afternoon report on National Wholesale Boxed Beef indicated a drop in prices. The Choice/Select spread narrowed to $12.22. Price details include a decrease of $1.41 for Choice boxes, which settled at $319.69 per hundredweight (cwt), while Select boxes fell by six cents to close at $307.47. The USDA estimated Thursday’s federally inspected cattle slaughter at 121,000 head, resulting in a cumulative weekly total of 483,000 head. This figure surpasses last week’s count by 16,000 head and exceeds the same week last year by 10,536 head.

Market Close for Live and Feeder Cattle

The closing prices for live cattle on Thursday were as follows:

• Apr 25 Live Cattle: $202.050, up $0.650
• Jun 25 Live Cattle: $198.275, up $0.400
• Aug 25 Live Cattle: $195.950, up $0.400

For feeder cattle, the closing prices were:

• Mar 25 Feeder Cattle: $280.225, down $0.025
• Apr 25 Feeder Cattle: $279.975, down $0.750
• May 25 Feeder Cattle: $281.525, down $0.350

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are provided for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

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