Live cattle futures exhibited mixed results during Thursday’s trading session, with contracts fluctuating between a 50-cent decline and a 22-cent gain. Notably, the Central Stockyards auction reported no sales for the 2,720 head listed, despite bids ranging from $183 to $185. In contrast, Southern beef sales reached $188, while Northern sales were significantly higher at $296. Feeder cattle futures showed slight gains in the nearby contracts but faced declines in the deferreds, with the CME Feeder Cattle Index rising to $250.25.
The USDA reported an increase in wholesale Boxed Beef prices, with Choice boxes up 13 cents to $319.26 per cwt and Select boxes rising by $1.15 to $293.52. However, the estimated federally inspected cattle slaughter was 118,000 head, marking a weekly total of 488,000, which is above last week’s figures but down compared to the same period last year.
Market professionals should note the narrowing spread between Choice and Select beef prices, which could indicate changing demand dynamics in the beef sector.
Source: nasdaq.com