Cattle Futures Show Solid Gains as Market Dynamics Shift
Market Movement in Live and Feeder Cattle Futures
Live cattle futures experienced gains of 70 cents to $1.30 as trading closed. On Tuesday, there were six new deliveries reported for October cattle at the West Point, NE location, with an additional ten deliveries scheduled for October 23rd. Last week, Southern cash sales stood at $188, and Northern sales averaged $188 for live cattle and $296 for beef. The early week market is currently focused on compiling showlists.
Feeder Cattle Auctions: Trends and Insights
Feeder cattle futures saw an increase of 57 cents, closing at $2.325 on Tuesday. The CME Feeder Cattle Index rose by 39 cents to reach $250.65 as of October 21. The Oklahoma City feeder cattle auction on Monday had 8,620 head available, significantly higher than both last week and the same period last year. Reports indicated sales were steady to down $3 for feeder steers under 800 lbs, while steers over 800 lbs were steady to $2 higher. For feeder heifers, sales were steady to $2 lower, with heifer calves remaining steady and steer calves firm, though some were down by $4.
Rotating Prices: The Boxed Beef Influence
The USDA’s afternoon report indicated that wholesale Boxed Beef prices were mixed. Choice boxes rose by $1.10 to reach $323.96 per cwt, while Select boxes decreased by $1.41, settling at $294.80. Consequently, the Chc/Select spread widened to $29.16. The USDA estimated a total of 123,000 head of cattle for federally inspected slaughter on Tuesday, contributing to a week-to-date total of 243,000 head. This figure is 2,000 head lower than the previous week and a notable decrease of 9,241 head compared to the same week last year.
Latest Closing Prices for Cattle Futures
Oct 24 Live Cattle closed at $188.050, up $1.050.
Dec 24 Live Cattle closed at $188.125, up $1.300.
Feb 25 Live Cattle closed at $188.825, up $1.200.
Oct 24 Feeder Cattle closed at $249.425, up $1.850.
Nov 24 Feeder Cattle closed at $248.925, up $2.325.
Jan 25 Feeder Cattle closed at $246.050, up $1.800.
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.
