Live Cattle Futures Rise as Market Settles Ahead of Easter
Live cattle futures experienced gains on Wednesday, climbing between $2 to $2.30 for nearby contracts. Meanwhile, the cash market remained relatively quiet this week, with bids of $212 appearing in Nebraska. The Central Stockyards Fed Cattle Exchange online auction held on Wednesday reported no sales from the 1,628 head offered, and bids ranged from $202 to $205. Additionally, feeder cattle saw slight increases, with values up 57 cents to $1.90 by the close of trading. The CME Feeder Cattle Index showed a decrease of 4 cents on April 15, bringing the average price to $288.03. The markets will be closed for Good Friday, with Thursday’s trading set to conclude the week.
Looking ahead, Thursday afternoon’s Cattle on Feed report from the USDA is anticipated to show a 3.4% increase in March placements compared to last year, while marketings are predicted to rise by 0.7%. The April 1 inventory of cattle on feed is expected to decline by 1.8% from the previous year.
On Wednesday afternoon, National Wholesale Boxed Beef prices decreased. The price spread between Choice and Select beef was narrowed to $19.14. Choice boxed beef fell by $1.90 to $333.53 per cwt, while Select beef dropped by 85 cents to $314.39. Federally inspected cattle slaughter for Wednesday was estimated at 123,000 head, bringing the weekly total to 357,000. This figure is 8,000 head higher than the previous week but down by 11,140 head compared to the same week last year.
April 25 Live Cattle closed at $207.075, up $2.275.
June 25 Live Cattle closed at $202.075, up $2.275.
August 25 Live Cattle closed at $198.950, up $2.100.
April 25 Feeder Cattle closed at $289.950, up $0.575.
May 25 Feeder Cattle closed at $284.400, up $1.875.
August 25 Feeder Cattle closed at $289.450, up $1.200.
On the date of publication,
Austin Schroeder
did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data provided herein are for informational purposes only. For more details, please review the Barchart Disclosure Policy.
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