Live cattle futures increased by $1.20 to $2.05 on Friday, with June futures up $5 for the week. Cash prices ranged from $260 to $265 in the South and $408 to $415 dressed in the North. Feeder cattle futures also rose, with gains of $1.10 to $4.70, while the CME Feeder Cattle Index dropped by $3.14 to $370.09 as of May 14.
China has resumed export licenses for over 400 U.S. beef plants after they had lapsed. As of Tuesday, managed money slashed 11,079 contracts from their net long in live cattle futures and options, now totaling 130,886 contracts. The CFTC also reported a decrease of 3,539 contracts in feeder cattle positions.
Wholesale boxed beef prices rose, with choice boxes up $1.80 to $389.25 and select boxes up 25 cents to $386.25. USDA estimates for federally inspected cattle slaughter this week stand at 53,500 head, an increase from last week but 31,109 head lower than the same week last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
