Market Update: Live Cattle Futures Rise Amid Fluctuating Prices
Steady Movement in Cattle Futures and Auction Data
On Tuesday, live cattle futures increased by 70 cents to $1.30 at the close. There were 6 new deliveries reported for October cattle at the West Point, NE location, with 10 more deliveries scheduled for October 23. In the previous week, Southern cash sales were recorded at $188, matching the Northern sales, while beef prices reached $296. Early week activity has focused on compiling showlists.
Feeder Cattle Futures and Auction Trends
Feeder cattle futures rose by 57 cents, closing at $2.325 on Tuesday. The CME Feeder Cattle Index climbed by 39 cents to $250.65 on October 21. The Oklahoma City feeder cattle auction on Monday featured 8,620 head for sale, significantly higher than last week and the same week last year. Sales remained steady to down $3 for feeder steers under 800 lbs, unchanged to $2 higher for steers over 800 lbs, and steady to $2 lower for feeder heifers. Heifer calves remained steady, while steer calves were firm to down $4.
Boxed Beef Prices Reflect Mixed Trends
USDA wholesale Boxed Beef prices showed mixed results in the Tuesday afternoon report. Choice boxes increased by $1.10 to $323.96 per cwt, while Select boxes saw a decline of $1.41 to $294.80. As a result, the Choice/Select price spread widened to $29.16. The USDA estimated Tuesday’s federally inspected cattle slaughter at 123,000 head, bringing the week-to-date total to 243,000 head. This figure is 2,000 head lower than the previous week and down 9,241 head from the same week last year.
Cattle Futures Pricing Summary
Oct 24 Live Cattle closed at $188.050, up $1.050.
Dec 24 Live Cattle closed at $188.125, up $1.300.
Feb 25 Live Cattle closed at $188.825, up $1.200.
Oct 24 Feeder Cattle closed at $249.425, up $1.850.
Nov 24 Feeder Cattle closed at $248.925, up $2.325.
Jan 25 Feeder Cattle closed at $246.050, up $1.800.
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.
