Live cattle futures rallied $2 to $3.45, with October contracts up $7.45 last week, propelled by strong cash prices. Feeder cattle futures also closed higher, gaining $1.47 to $2.90, while USDA Wholesale Boxed Beef prices increased, with Choice boxes reaching $365.57. This broad upward momentum across the cattle complex is supported by significantly reduced federally inspected cattle slaughter, which totaled 547,000 head, signaling tighter supply.
Live cattle futures exhibited strong performance, closing $2 to $3.45 higher, with October contracts rallying $7.45 last week, primarily fueled by robust cash market strength. Northern dressed trade increased by $2 to $362, and live action rose $4-5 to $234-235, signaling firm demand. Feeder cattle futures also closed higher, gaining $1.47 to $2.90, with the CME Feeder Cattle Index up 57 cents to $367.92. The bullish sentiment is reinforced by tightening supply dynamics, as USDA federally inspected cattle slaughter totaled 547,000 head last week, a significant reduction of 15,000 head from the prior week and 38,337 head year-over-year. This supply constraint is directly impacting wholesale prices, with USDA Wholesale Boxed Beef prices increasing; Choice boxes rose 35 cents to $365.57 and Select boxes were up $2.06 to $346.39. This confluence of strong cash prices, reduced slaughter figures, and rising wholesale beef costs indicates a sustained bullish environment for the cattle complex. The broad upward movement across both live and feeder cattle futures suggests continued upward price pressure, despite a slight decrease in preliminary open interest.
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strongly positive
Sentiment Score
0.85
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