Cattle Futures Continue Decline Amid Market Uncertainty
Live cattle futures saw a significant drop on Wednesday, with losses ranging from 42 cents to $1.42. The Central Stockyard Fed Cattle Exchange reported no sales, with bids between $188 and $191. On Monday, no trades were reported while compiling showlists. Notably, there have been bids around the $195 mark in the North. Additionally, no deliveries were issued for December live cattle on Wednesday. Meanwhile, feeder cattle futures also fell, decreasing by 50 to 90 cents. The CME Feeder Cattle Index rose by 46 cents to settle at $263.00 as of December 17.
Upcoming Cattle on Feed Report
The USDA’s monthly Cattle on Feed report is set to be released on Friday. Analysts anticipate November placements to be down by 5.1% compared to last year, with marketing expected to be 1.8% below the same time last year. The on-feed inventory for December 1 is projected to decrease by 0.3% compared to 2023.
Wholesale Beef Prices Decline
On Wednesday afternoon, USDA wholesale Boxed Beef prices continued to decrease. Choice boxes fell by 79 cents to $314.84 per hundredweight (cwt), while Select boxes dropped $2.95 to $285.55. USDA’s estimated federally inspected cattle slaughter for Wednesday was 123,000 head, bringing the week-to-date total to 364,000 head. This figure matches the previous week, but is down by 7,498 from the same week a year ago.
Current Live and Feeder Cattle Prices
Dec 24 Live Cattle closed at $191.300, down $0.950.
Feb 25 Live Cattle closed at $188.325, down $1.425.
Apr 25 Live Cattle closed at $190.475, down $1.100.
Jan 25 Feeder Cattle closed at $257.000, down $0.475.
Mar 25 Feeder Cattle closed at $257.375, down $0.900.
Apr 25 Feeder Cattle closed at $258.400, down $0.975.
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 is intended solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
