Live cattle futures closed Monday $2.50 to $2.80 higher with increased open interest, while feeder cattle futures also posted significant gains of $3.70 to $5.40, despite the CME Feeder Cattle Index falling $3.92 on October 31. Wholesale Boxed Beef prices rose, with Choice up $1.12 and Select up $1.28, reflecting broad market strength. This upward momentum was further supported by robust cash trade and notable price increases at weekly auctions for heifers and steers, even as Monday's federally inspected cattle slaughter remained below last year's levels.
Live cattle futures closed Monday significantly higher, posting gains of $2.50 to $2.80 across contracts, supported by new buying interest which drove open interest up by 1,009 contracts. Feeder cattle futures also experienced substantial increases, ranging from $3.70 to $5.40, reflecting broad market strength. This upward momentum suggests renewed investor confidence in the cattle complex. Underlying cash market fundamentals appear strong, with Northern cash trade at $230-$232 and Southern sales near $235-$237 last week. Weekly OKC auction prices for heifers and feeder steers saw notable increases of $15-$25, with steer calves up $20-$30. USDA Wholesale Boxed Beef prices also rose, with Choice up $1.12 to $379.25 and Select up $1.28 to $359.93, indicating robust demand further down the supply chain. Federally inspected cattle slaughter for Monday was 109,000 head, which, while up 4,000 from the prior Monday, remained 11,597 head below the same week last year, pointing to tighter year-over-year supply. This supply constraint likely contributes to the bullish price action, although the CME Feeder Cattle Index did register a $3.92 decline on October 31, presenting a minor divergence from the overall positive trend.
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strongly positive
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