Live cattle futures are down $1 to $1.25 so far on Tuesday’s midday. Cash trade has been quiet so far, with most compiling showlists on Monday. Last week’s trade came in at $196-198 in the south, with northern trade at $200-202, steady to $2 higher wk/wk. Feeder cattle are trading with contracts 30 cents to $1.25 lower at Tuesday’s midday. The CME Feeder Cattle Index was back up 18 cents on March 7, with the average price at $273.95. The Monday OKC feeder cattle auction has an estimated 5,000 head, which is nearly half of the week prior, and slightly below the same week last year. Feeder steers were up $5-10, with heifers $3-8 higher. Lighter weight steers were up $5-15, with heifers steady.
The monthly WASDE update showed projected 2025 beef production at 26.685 billion lbs, up 120 million lbs from last month. That came vis a 65 million lb cut to Q1, with quarter 2 up 25 million lbs, Q3 70 million lb higher the fourth quarter up 90 million lbs.
The Tuesday morning National Wholesale Boxed Beef prices shot higher, with the Chc/Sel spread at $12.83. Choice boxes were up $4.74 at $323.32/cwt, with Select $2.54 higher at $309.49. Monday’s Federally inspected cattle slaughter was estimated at 115,000 head by the USDA. That is 13,000 head above the previous Monday and 3,088 larger than the same week last year.
Apr 25 Live Cattle are at $199.350, down $1.225,
Jun 25 Live Cattle are at $196.025, down $1.200,
Aug 25 Live Cattle are at $194.075, down $1.025,
Mar 25 Feeder Cattle are at $276.675, down $0.375
Apr 25 Feeder Cattle are at $276.700, down $1.225
May 25 Feeder Cattle are at $278.225, down $0.325
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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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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