Live cattle futures experienced a mixed session on Monday, with prices closing $1.125 lower to 40 cents higher across various contracts. Cash trade last week ranged from $246 to $250, while feeder cattle futures saw gains between 32 cents and $1.75. The CME Feeder Cattle Index rose by $7.27, reaching $373.94, indicating a positive trend for feeder cattle.
The uptick in feeder cattle prices aligns with a stronger performance at the OKC feeder cattle auction, where steers and heifers sold steady to $5 higher, and calves increased by up to $25. Additionally, wholesale boxed beef prices rose, with Choice boxes climbing to $381.92, further supporting the bullish sentiment in the market. However, USDA’s estimated cattle slaughter was slightly below last year’s figures, suggesting potential supply constraints.
Market professionals should monitor these developments closely, as fluctuations in cattle futures and boxed beef prices could influence broader trends in the agricultural commodities sector.
Source: nasdaq.com