Live Cattle Futures Keep Climbing, Feeder Cattle Flourish
Live Cattle Prices Surge; Cash Trade Experiences Minor Decline
Live cattle futures showed impressive performance on Tuesday, recording gains between $1.175 and $2.475 across the board. Last week’s cash trade mostly settled at $185 nationally, down by $1 to $3. Early week activity mainly focused on compiling showlists, with initial asks coming in around $187-188. The northern trade remained limited at $290 per beef.
Feeder Cattle Market Showcases Strong Rally
Feeder cattle continued their upward trajectory, closing up another $2.40 to $2.625. The CME Feeder Cattle Index increased by $1.06, reaching $253.68 on November 18. At the weekly OKC feeder cattle auction held Monday, 7,710 head were available for sale, surpassing the numbers from the same week last year and the previous week. The price trends remained steady for feeders, and calves weighing under 450 lbs increased by $10.
Wholesale Boxed Beef Prices Offer Mixed Signals
In the USDA’s Tuesday PM report, wholesale boxed beef prices presented a mixed picture. Choice boxes rose by $1.51 to $308.79 per cwt, while Select boxes fell sharply, down $3.54 at $271.91. Consequently, the Chc/Sel spread widened to $36.88. USDA’s estimated cattle slaughter for Tuesday stood at 126,000 head, bringing the weekly total to 244,000 head. This figure reflects an increase of 11,000 head over the previous week, yet remains 10,522 head below the same week last year.
Current Price Trends for Live and Feeder Cattle
December 24 Live Cattle closed at $186.575, up $2.475.
February 25 Live Cattle closed at $188.000, up $2.025.
April 25 Live Cattle closed at $189.425, up $1.500.
November 24 Feeder Cattle closed at $254.250, up $2.425.
January 25 Feeder Cattle closed at $252.000, up $2.500.
March 25 Feeder Cattle closed at $251.250, up $2.625.
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.
