Live cattle futures are on the rise, with April contracts increasing by $2.375 to reach $248.575 on First Notice Day. Cash cattle sales surged to $245-246 last week, marking an $8-10 increase from the prior week. In contrast, feeder cattle futures showed mixed movements, with the CME Feeder Cattle Index decreasing 1 cent to $366.81.
The JBS strike in Greeley, Colorado, is expected to wrap up on Monday, with workers returning on Tuesday as negotiations continue. Current CFTC data reveals managed money has reached a net long of 123,742 contracts in live cattle futures, up by 12,833 contracts from the previous week. USDA data estimates last week’s federally inspected cattle slaughter at 533,000 head, a decrease of 53,034 head compared to the same week last year.
