Live cattle futures saw a decline of up to $2.25 on Monday, with cash trade last week settling between $256 and $260. Feeder cattle futures fell by $3.50 to $3.90 except for May futures, which rose by 97 cents. The CME Feeder Cattle Index decreased by $2.54 to $374.83. An estimated 5,000 head are expected at the OKC feeder cattle auction, with a noted lower undertone.
In a significant development, a Wall Street Journal report indicated that the U.S. is considering a temporary reduction in beef import tariffs as early as Monday. Managed money increased its net long position in live cattle futures by 5,374 contracts to reach 141,965 contracts, while feeder cattle futures saw an addition of 1,636 contracts to a total net long of 18,725 contracts.
Wholesale Boxed Beef prices increased on Monday, with Choice boxes up $2.27 to $390.66 and Select boxes up $4.74 to $389.75. USDA’s estimated cattle slaughter for last week was 527,000 head, down 7,000 from the previous week and 33,823 from the same week last year.
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