Cattle Futures Decline Amid Lower Boxed Beef Prices

Live cattle futures experienced a slight decline, dropping by five cents to $1 as of Friday’s midday. This week, cash trades in the Southern region ranged from $218 to $220, while Northern trades saw prices between $225 and $228. Feeder cattle futures also fell below the $300 mark in some contracts, with midday losses spanning from 20 cents to $2. The CME Feeder Cattle Index increased by $2.37 on May 7, reaching an average price of $295.78.

Boxed Beef Prices and Slaughter Estimates

On Friday morning, USDA’s National Wholesale Boxed Beef prices showed a downturn. The Choice/Select spread was recorded at $14.01. Choice boxed beef prices declined by $1.36, settling at $346.53, while Select boxes fell by 68 cents to $332.52 per hundred pounds. For Thursday, USDA estimated federally inspected cattle slaughter at 120,000 head, contributing to a week-to-date total of 469,000 head. This figure is 4,000 head above the previous week but down 14,248 head compared to the same time last year.

Current Futures Prices

Jun 25 Live Cattle: $214.200, down $0.050

Aug 25 Live Cattle: $209.025, down $0.975

Oct 25 Live Cattle: $206.600, down $0.875

May 25 Feeder Cattle: $297.275, down $0.200

Aug 25 Feeder Cattle: $299.700, down $1.550

Sep 25 Feeder Cattle: $298.475, down $1.750

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 provided are for informational purposes only. For more details, please view the Barchart Disclosure Policy.
here.

More news from Barchart

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.