Live Cattle Futures Show Gains Amid Quiet Cash Markets

Live cattle futures experienced gains of 67 cents to $1.90 on Thursday. This week, cash business has been relatively subdued, with some bids in the Northeast reaching $208. In Wednesday morning’s Central Stockyards Fed Cattle Exchange online auction, one lot out of the 1,628 head offered sold for $210 using the BidTheGrid™ method. Bids ranged between $204 and $206.50. Meanwhile, feeder cattle prices increased by $1.22 to $2, with the expiring April contract up $3.475. The CME Feeder Cattle Index decreased by 4 cents on April 15, averaging $288.03. Trading will pause for Good Friday, concluding Thursday’s market activity.

This afternoon, the USDA’s Cattle on Feed report is anticipated to show March placements up by 3.4% from last year, while Marketings are expected to rise by 0.7%. The April 1 cattle on feed inventory is projected to be down 1.8% compared to last year.

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The latest Export Sales data revealed that 17,470 MT of beef were sold in the week ending April 10, marking a seven-week high. Japan was the leading buyer at 7,700 MT, followed by South Korea with 3,700 MT. However, shipments totaled 14,615 MT, a three-week low, with South Korea receiving 5,600 MT and Japan 3,500 MT.

In Thursday morning’s USDA National Wholesale Boxed Beef report, prices increased, with the spread between Choice and Select narrowing to $17.66. Choice boxed beef rose by $1.34 to $334.87/cwt, while Select increased by $2.82 to $317.21. Wednesday’s federally inspected cattle slaughter was estimated at 123,000 head, giving a weekly total of 357,000. This figure is 8,000 head more than the previous week but down 11,140 head compared to the same week last year.

Apr 25 Live Cattle: $208.950, up $1.875

Jun 25 Live Cattle: $203.325, up $1.250

Aug 25 Live Cattle: $199.625, up $0.675

Apr 25 Feeder Cattle: $293.425, up $3.475

May 25 Feeder Cattle: $286.375, up $1.975

Aug 25 Feeder Cattle: $290.675, up $1.225

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 information, please review the Barchart Disclosure Policy here.

 

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