Live Cattle Futures Rise Amid Mixed Wholesale Beef Prices
Market Update: Gains in Futures Trading
Live cattle futures enjoyed a positive session on Tuesday, with prices increasing by 70 cents to $1.17. Last week’s cash trade saw Northern sales settling between $186 and $188, while Southern trades were around $187. As the week begins, traders are compiling showlists and seeking bids.
Feeder Cattle Futures and Auctions
Feeder cattle futures also experienced gains, closing higher by 67 cents to $1.87 on Tuesday. This uplift was supported by weaker corn prices, which benefit feeder inputs. The CME Feeder Cattle Index decreased slightly by 19 cents, landing at $249.64 on November 11. At Monday’s OKC Feeder Cattle auction, approximately 6,164 heads were available, surpassing last week’s numbers but lower than last year’s total of 9,169. Feeder steers saw an increase of $2-4, while feeder heifers remained steady to $2 higher. Calves rose by $15-20.
Wholesale Beef Prices and Slaughter Estimates
According to USDA’s Tuesday afternoon report, wholesale boxed beef prices were mixed. Choice boxes rose by 6 cents, reaching $308.27 per cwt, while Select boxes went up by $1.92 to $279.92. This widened the Choice/Select spread to $28.35. The USDA estimated that Tuesday’s federally inspected cattle slaughter totaled 121,000 head, bringing the weekly total to 233,000 head. This figure is 11,000 head below the previous week and down by 19,183 head compared to the same week last year.
Cattle Futures Closing Prices
Dec 24 Live Cattle closed at $184.400, up $0.700.
Feb 25 Live Cattle closed at $186.125, up $0.750.
Apr 25 Live Cattle closed at $187.700, up $0.950.
Nov 24 Feeder Cattle closed at $246.825, up $0.675.
Jan 25 Feeder Cattle closed at $243.575, up $1.325.
Mar 25 Feeder Cattle closed at $241.725, up $1.675.
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 here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
