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    “Mixed Market for Cattle as Feeder Prices Surge”

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    Mixed Indicators for Live Cattle Futures as Feeder Prices Rise

    Recent Developments in Cattle Trade and Market Reports

    Live cattle futures ended mixed on Monday, with nearby contracts declining by 7 to 50 cents, while deferred contracts showed gains of 2 to 25 cents. Last week, cash trade settled between $186 and $188, predominantly around $187.

    Feeder cattle maintained their gains following news of the New World Screwworm, closing $1 to $1.22 higher. The CME Feeder Cattle Index increased by 18 cents to reach $254.72 on November 22. During the weekly feeder cattle auction in Oklahoma City, approximately 7,000 head were offered for sale. This figure is slightly lower than last week but higher than the same week last year. Prices for feeders increased by $4 to $10, while calves experienced a rise of $10 to $15, with some even climbing $20. Demand is reported as good to very good.

    On Friday, Mexico’s Chief Veterinarian Officer informed the USDA about a New World Screwworm case in a southern border state. This prompted APHIS to temporarily halt imports of live animals from Mexico, curtailing feeder cattle imports from the nation.

    The Cattle on Feed report released Friday indicated that October placements reached 2.286 million head, a 5.35% increase year-over-year, and higher than the anticipated 3.8% rise. Marketings in October were 1.845 million head, up 4.65%, yet slightly below the +5.2% trade average estimate. The November 1 on-feed inventory also set a record for the month at 11.986 million head, showing a 0.25% year-over-year increase, contradicting an expected 0.1% decline.

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    In the USDA’s Monday PM report, wholesale Boxed Beef prices saw upward movement. Choice boxes rose by $2.30 to $309.71 per cwt, while Select boxes increased by $1.67 to $273.74. The spread between Choice and Select widened to $35.97. Additionally, USDA estimated Monday’s federally inspected cattle slaughter at 120,000 head, which is 2,000 more than last Monday but down 4,069 from the same time last year.

    Dec 24 Live Cattle closed at $186.500, down $0.275.

    Feb 25 Live Cattle closed at $187.700, down $0.500.

    Apr 25 Live Cattle closed at $189.650, down $0.300.

    Jan 25 Feeder Cattle closed at $255.475, up $1.175.

    Mar 25 Feeder Cattle closed at $254.325, up $1.200.

    Apr 25 Feeder Cattle closed at $255.525, up $1.175.

    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 those of the author and do not necessarily reflect those of Nasdaq, Inc.

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