Live Cattle Futures Decline Amid Quiet Cash Trade on Tuesday
As of midday Tuesday, live cattle futures are down by $1 to $1.25. The cash market remains relatively inactive, with most participants compiling showlists from Monday. In last week’s transactions, cash prices ranged from $196 to $198 in the southern markets, while northern prices were between $200 and $202, marking a steady increase of $2 week over week. Feeder cattle contracts are trading lower as well, experiencing declines of 30 cents to $1.25 at Tuesday’s midday. The CME Feeder Cattle Index rose 18 cents on March 7, bringing the average price to $273.95. The Oklahoma City feeder cattle auction on Monday estimated about 5,000 head sold, nearly half the amount from the previous week and slightly below the same period last year. Feeder steers increased by $5 to $10, with heifers also up by $3 to $8. Lighter weight steers saw gains of $5 to $15, while heifers remained steady.
The latest WASDE report provided updated projections for 2025 beef production, now estimated at 26.685 billion pounds, an increase of 120 million pounds from last month. This revision included a reduction of 65 million pounds for the first quarter, while second, third, and fourth quarters saw increases of 25 million, 70 million, and 90 million pounds, respectively.
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The National Wholesale Boxed Beef prices saw a significant increase on Tuesday morning, with the Choice/Select spread at $12.83. Choice boxes rose by $4.74 to $323.32 per cwt, while Select prices increased by $2.54 to $309.49. Additionally, Monday’s federally inspected cattle slaughter was estimated at 115,000 head by the USDA, which is 13,000 more than the previous Monday and 3,088 heads larger than the same week last year.
Apr 25 Live Cattle: $199.350, down $1.225
Jun 25 Live Cattle: $196.025, down $1.200
Aug 25 Live Cattle: $194.075, down $1.025
Mar 25 Feeder Cattle: $276.675, down $0.375
Apr 25 Feeder Cattle: $276.700, down $1.225
May 25 Feeder Cattle: $278.225, down $0.325
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All provided information is for informational purposes only. For more details, please view the Barchart Disclosure Policy here.
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