Bulls Still Running, Cattle Futures Up Triple Digits on Firm Cash Trade
Live cattle futures are showing triple digit gains at midday on Friday, up $1.80 to $2.20. Preliminary open interest was up 5,453 contracts on Thursday, with most coming in August (3,801 contracts) and October (1,484 contracts). Cash trade has been $218 in the South, with business up to $222-224 in the North. Some Nebraska lots were passing on $222 offers on Thursday.
Feeder cattle futures are sharply higher at midday on Friday, up $2.00 to $3.37 per cwt. Availability is still limited. The CME Feeder Cattle Index was up 33 cents on April 30, with the average price at $296.10.
USDA’s National Wholesale Boxed Beef prices are mixed this morning, with the Friday morning average for Choice boxes down 23 cents at $342.94 while Select product is quoted $1.36 higher at $325.64 per hundred pounds. Federally inspected cattle slaughter was estimated at 120,000 head for Thursday, with the weekly total at 465,000. That is 1,000 head below the week prior and down 14,278 head from the same week last year.
Jun 25 Live Cattle are at $211.475, up $1.825,
Aug 25 Live Cattle are at $206.825, up $2.175,
Oct 25 Live Cattle are at $204.550, up $2.325,
May 25 Feeder Cattle are at $295.450, up $2.225
Aug 25 Feeder Cattle are at $297.900, up $3.450
Sep 25 Feeder Cattle are at $296.300, up $3.450
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.