Cattle Futures on the Rise
As of Wednesday, live cattle futures have seen an increase, with a surge of $1.90 to $2.35. The Central Stockyards Fed Cattle Exchange’s latest online auction reported that out of the total 2,652 head offered, 519 head were sold at $186 live in Texas and $188.50 via the BidTheGrid™ method. Live cattle future prices are evidently on the rise.
Performance of Feeder Cattle Futures
Meanwhile, feeder cattle futures are also clocking in notable gains. They have seen an uptick of $2 to $3.30 in the front months. The CME Feeder Cattle Index was up by 19 cents, standing at $247.43 on September 30. These numbers highlight the increasing feeder cattle future prices.
USDA Wholesale Boxed Beef Prices
According to the Wednesday AM report, USDA wholesale Boxed Beef prices have also seen a similar trend. Choice boxes saw an increase of 8 cents to $300.25/cwt, with Select at $2830.73, $1.57 lower. The Choice/Select spread expanded to $16.52. Federally inspected cattle slaughter as estimated by USDA on Tuesday stood at 124,000 head, making the weekly total 243,000 head. This matches the previous week but is 4,014 head lower than the same week last year.
Current Futures Pricing
Data shows that Dec 24 Live Cattle futures are priced at $187.475, up $2.300, and Feb 25 Live Cattle futures are valued at $188.075, with an increase of $1.900. Nov 24 Feeder Cattle futures are at $247.975, up $3.300, while Jan 25 Feeder Cattle futures are trading at $241.450, up $3.000.
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 data and information in this article is for informational purposes only. For more details, please refer to the Barchart Disclosure Policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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