Live Cattle Futures See Gains Amid Limited Cash Trade
Live cattle futures rose by $1.125 to $1.60 at midday. Last week, cash trade remained limited, with reports indicating $208 in the North and approximately $204 in the South. Meanwhile, feeder cattle futures experienced gains ranging from $1 to $2.50 at midday. The CME Feeder Cattle Index dropped another $1.16 on April 10, averaging $286.13. The weekly OKC feeder cattle auction anticipates around 3,600 head for sale, with early activity suggesting a stronger market condition.
Managed Money Reductions in Live and Feeder Cattle
As of April 8, managed money reduced its net long position in live cattle futures and options by 24,274 contracts, bringing the total to 118,503 contracts. In feeder cattle futures and options, speculators cut back by 5,332 contracts, resulting in a net long of 28,037 contracts.
Wholesale Beef Prices and Slaughter Numbers
On Monday morning, the USDA National Wholesale Boxed Beef prices rose, with the Choice/Select spread widening to $20.43. Choice boxes increased by $1.39 to reach $335.61 per hundredweight, while Select boxes gained $1.22, now at $315.18. The estimated Federally inspected cattle slaughter for the previous week was 564,000 head. This figure is down by 27,000 head compared to the prior week, and 33,882 head lower than the same week last year.
Current Live Cattle Prices
Apr 25 Live Cattle: $203.600, up $1.125
Jun 25 Live Cattle: $198.400, up $1.600
Aug 25 Live Cattle: $195.175, up $1.325
Current Feeder Cattle Prices
Apr 25 Feeder Cattle: $287.525, up $2.350
May 25 Feeder Cattle: $280.650, up $1.950
Aug 25 Feeder Cattle: $286.175, up $2.500
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.
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