Live Cattle Futures Rise Amidst Stagnant Cash Market

Feeder Cattle Also Show Gains as Beef Prices Take a Dip

On Wednesday, live cattle futures closed higher, gaining 62 cents to reach $1.35. However, cash trade has yet to commence this week. The Central Stockyards Fed Cattle Exchange reported no sales for the 3,044 head offered on Wednesday morning, with bids ranging between $185 and $187. Feeder cattle futures increased by $1.15 to $2.20 during the day. The CME Feeder Cattle Index decreased by one cent, settling at $250.72 as of November 5.

In further developments, USDA’s afternoon report indicated a decrease in wholesale Boxed Beef prices. Choice beef boxes dropped by $1.62 to $315.59 per cwt, while Select boxes fell $2.04 to $283.20. Consequently, the spread between Choice and Select prices widened to $32.39. For context, USDA estimated the federally inspected cattle slaughter at 125,000 head for Wednesday, bringing the week-to-date total to 369,000 head. Notably, this figure matches last week’s total but is 4,798 head lower than the same period last year.

Here are the closing prices for live and feeder cattle futures:

Dec 24 Live Cattle closed at $185.400, up $0.625.

Feb 25 Live Cattle closed at $186.725, up $0.775.

Apr 25 Live Cattle closed at $187.800, up $0.800.

Nov 24 Feeder Cattle closed at $247.700, up $1.550.

Jan 25 Feeder Cattle closed at $244.025, up $1.675.

Mar 25 Feeder Cattle closed at $241.750, up $1.250.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more details, 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.