Live and Feeder Cattle Futures Show Gains at Midday

Live cattle futures are trading higher, with midday gains ranging from $1.70 to $2.35. Cash trade initiated with reports showing live prices at $230-231 in the north, while dressed prices ranged from $360-370. A few transactions in Kansas recorded sales between $224 and $229. Feeder cattle futures also saw significant gains, rising $3.17 to $3.30 in nearby contracts, excluding the expiring May contract. On May 20, the CME Feeder Cattle Index increased by 31 cents, averaging $297.64.

Weekly Export Sales and Shipment Data

The Export Sales report indicated total beef sales of 12,276 metric tons (MT) for the week ending May 15, representing a decrease from the previous week. Japan emerged as the top buyer with 3,600 MT purchased, followed closely by South Korea at 2,800 MT. Total shipments reached 14,828 MT, marking an increase from the previous week, with significant amounts sent to South Korea (5,400 MT) and Japan (4,100 MT).

USDA Reports on Wholesale Boxed Beef Prices

The USDA’s National Wholesale Boxed Beef report released Thursday showed an increase in prices, with the Choice/Select spread at $11.58. Choice boxed beef climbed by 71 cents to $360.30, while Select boxes saw a rise of 44 cents to $348.72 per hundred pounds. USDA data indicated that federally inspected cattle slaughter on Wednesday totaled 120,000 head, bringing the weekly total to 255,000 head. This figure is up 16,000 head compared to the previous week, although it is down by 3,530 head from the same week last year.

Current Futures Prices

Jun 25 Live Cattle are trading at $215.850, reflecting an increase of $1.700.

Aug 25 Live Cattle are at $210.675, up by $2.025.

Oct 25 Live Cattle are priced at $208.425, a gain of $2.350.

May 25 Feeder Cattle are currently at $295.400, down by $0.900.

Aug 25 Feeder Cattle stand at $299.725, up $3.300.

Sep 25 Feeder Cattle are trading at $298.225, reflecting an increase of $3.175.

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 in this article are for informational purposes only. For further details, please review the Barchart Disclosure Policy here.

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