Live Cattle Futures Rise Amid Slow Cash Trade This Week
Live cattle futures experienced gains on Wednesday, ranging from 40 to 70 cents across front-month contracts. This week, cash trade has been slow, with the USDA reporting light sales at $213 in the northern regions. The Central Stockyards Fed Cattle Exchange online auction saw no sales out of 1,328 head listed, while bids were recorded between $205 and $208.50. Meanwhile, feeder cattle futures rose by $1 to $1.50 in most contracts, although March decreased by 17 cents prior to expiry on Thursday. The CME Feeder Cattle Index dropped 35 cents on March 25, noting an average price of $286.90.
Boxed Beef Prices and Slaughter Numbers
The USDA’s National Wholesale Boxed Beef report showed a positive trend on Wednesday afternoon, with the Choice/Select spread widening to $21.77. Choice boxed beef increased by $3.11, reaching $338.30 per hundredweight (cwt), while Select boxes rose by $2.48 to $316.53. Additionally, the estimated federally inspected cattle slaughter for Wednesday stood at 123,000 head, bringing the cumulative total for the week to 366,000 head. This figure is notably 40,000 head higher than the previous week’s weather-induced slowdown and up by 2,968 head compared to the same week last year.
Commodity Bulletin Updates
For reference, here are the closing prices for live and feeder cattle:
- Apr 25 Live Cattle: closed at $207.075, up $0.700
- Jun 25 Live Cattle: closed at $203.025, up $0.700
- Aug 25 Live Cattle: closed at $199.350, up $0.475
- Mar 25 Feeder Cattle: closed at $286.800, down $0.175
- Apr 25 Feeder Cattle: closed at $285.875, up $1.025
- May 25 Feeder Cattle: closed at $285.175, up $1.050
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 here.
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