Live Cattle Futures Gain Momentum as Market Prepares for New Year

Cash Trade Stays Dormant While Beef Prices Fluctuate

Live cattle futures concluded Tuesday’s trading session with contracts rising between 35 cents and $1.30, setting the tone for 2024. Cash trade has not yet begun for the week. In the previous week, cattle sales in the Southern U.S. were recorded between $192-$193, an increase of $1-$2, while the Northern market saw prices hit $196-$197, also $1-$2 higher. Feeder cattle futures enjoyed gains ranging from $1.40 to $2.27 on Tuesday. The CME Feeder Cattle Index climbed by $7.08, reaching $261.05 as of December 30. Note that the market will be closed on Wednesday in observance of New Year’s Day.

Wholesale Beef Prices Decline as Slaughter Rates Rise

According to the USDA’s afternoon report, wholesale Boxed Beef prices dropped on Tuesday. Choice cuts fell by $1.15, settling at $324.22 per hundredweight (cwt), while Select cuts decreased by 24 cents to $294.52. The USDA estimated that federally inspected cattle slaughter reached 102,000 head on Tuesday, bringing this week’s total to 225,000 head. This figure represents an increase of 71,000 head compared to last week and surpasses the numbers from the same week last year.

Dec 24 Live Cattle closed at $193.850, down $0.225.

Feb 25 Live Cattle closed at $191.600, up $1.300.

Apr 25 Live Cattle closed at $194.275, up $1.250.

Jan 25 Feeder Cattle closed at $263.025, up $1.400.

Mar 25 Feeder Cattle closed at $262.975, up $1.925.

Apr 25 Feeder Cattle closed at $263.550, up $2.275.

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.