Live cattle futures are showing 10 to 30 cent gains so far on Tuesday. Cash action is off to an earlier start this week, with light $218-220 sales reported in the South already, steady to $2 higher than last week.
Feeder cattle futures are slipping back, with 27 to 70 cents. The CME Feeder Cattle Index was down 2.98 on May 2, with the average price at $293.40. The weekly OKC feeder cattle auction has an estimated 4,209 head for sale on Monday, with sales listed $2-7 higher for heavier steers and up $5-10 for lighter feeders under 850 lbs. Heifers were steady to $5 higher.
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Census data converted to a carcass basis showed beef exports during March totaling 255.76 million lbs, which was slightly below last year, but a 3-month high.
USDA’s National Wholesale Boxed Beef prices were stronger again on Tuesday morning, with the Chc/Sel spread narrowing to $10.59. Choice boxes were up 60 cents at $344.17, while Select was quoted $5.51 higher at $333.58 per hundred pounds. USDA’s Federally inspected cattle slaughter for Monday was estimated at 109,000 head. That is 5,000 head above the week prior but down 8,796 head from the same week last year.
Jun 25 Live Cattle are at $213.825, up $0.175,
Aug 25 Live Cattle are at $209.350, up $0.275,
Oct 25 Live Cattle are at $206.650, up $0.250,
May 25 Feeder Cattle are at $295.375, down $0.700
Aug 25 Feeder Cattle are at $298.625, down $0.275
Sep 25 Feeder Cattle are at $297.200, down $0.350
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 the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
