Live Cattle Futures Rise with Mixed Export Sales Data

Live cattle futures have risen by $1.50 to $2.02 on Thursday. Initial cash sales occurred at $218-220 in the South, while northern markets saw prices increase to $225-228. Feeder cattle futures also showed strong gains, ranging from $2.80 to $3.15. As of May 6, the CME Feeder Cattle Index decreased by 37 cents, with an average price reported at $293.41.

Beef Export Sales Decline

Recent export sales data revealed a calendar year low of 7,642 metric tons (MT) of beef sold during the week ending May 1. Japan was the largest buyer, purchasing 6,600 MT. Additionally, South Korea accounted for 1,900 MT, while net reductions for China totaled 5,500 MT. Shipments decreased from the prior week, totaling 15,122 MT, with South Korea receiving 5,200 MT and Japan 4,400 MT.

Wholesale Beef Prices and Slaughter Data

The USDA’s National Wholesale Boxed Beef prices increased again on Thursday morning. The Choice/Select spread was reported at $13.22. Choice boxes gained $1.65, reaching $347.80, while Select boxes rose by 58 cents to $334.58 per hundred pounds. Cattle slaughter estimates for Wednesday were at 119,000 head, leading to a week-to-date total of 349,000 head. This number exceeds the previous week by 4,000 head but is down 14,028 head compared to the same week last year.

Current Live Cattle Futures

Jun 25 Live Cattle are at $214.550, up $2.025.

Aug 25 Live Cattle are at $210.350, up $1.975.

Oct 25 Live Cattle are at $207.750, up $1.575.

Current Feeder Cattle Futures

May 25 Feeder Cattle are at $297.575, up $3.125.

Aug 25 Feeder Cattle are at $301.475, up $2.875.

Sep 25 Feeder Cattle are at $300.400, up $3.075.

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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.