Cattle Faces Tuesday Weakness
Live cattle futures settled the Tuesday trade with contracts down 75 cents to $1.02 . Cash trade has been quiet so far, with last week’s trade at $196-198 in the south and northern trade at $200-202. Feeder cattle posted mixed action on Tuesday, with contracts 22 cents lower to 45 cents higher. The CME Feeder Cattle Index was back up $2.59 cents on March 10, with the average price at $276.54.
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 afternoon National Wholesale Boxed Beef prices were mixed, with the Chc/Sel widening to $14.34. Choice boxes were up $3.62 at $321.20/cwt, with Select 9 cents lower at $306.86. The Tuesday Federally inspected cattle slaughter was estimated at 124,000 head by the USDA, taking the weekly total to 239,000 head. That is 14,000 head above the previous week and 5,152 larger than the same week last year.
Apr 25 Live Cattle closed at $199.550, down $1.025,
Jun 25 Live Cattle closed at $196.250, down $0.975,
Aug 25 Live Cattle closed at $194.275, down $0.825,
Mar 25 Feeder Cattle closed at $277.500, up $0.450,
Apr 25 Feeder Cattle closed at $277.700, down $0.225,
May 25 Feeder Cattle closed at $278.950, up $0.400,
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.