Live cattle futures rose on Monday, with gains ranging from 35 to 70 cents ahead of the June contract's first notice day, which saw no deliveries. Cash cattle trade last week was mostly in the $225-232 range in the South and $240-242 in the North, while feeder cattle futures also saw gains, closing up $1.47 to $1.57; the CME Feeder Cattle Index was up $4.30 on June 6. Wholesale boxed beef prices increased, narrowing the Choice/Select spread to $8.32, while Monday's federally inspected cattle slaughter was estimated at 115,000 head, matching last week's figure but down from last year.
Live cattle futures registered gains ranging from 35 to 70 cents on Monday, with the June contract passing its first notice day without any deliveries. Cash cattle markets demonstrated robust activity last week, with southern trades primarily between $225-232 and northern transactions largely at $240-242, reaching up to $244 in specific instances. Feeder cattle futures also advanced, closing $1.47 to $1.57 higher, complemented by a $4.30 rise in the CME Feeder Cattle Index to $310.46 as of June 6, and stronger prices at the OKC feeder cattle auction where sales were $5-10 higher. Further supporting the positive market sentiment, USDA's National Wholesale Boxed Beef prices increased, with Choice boxes up $2.17 to $367.25 and Select boxes climbing $2.20 to $358.93 per cwt, thereby narrowing the Choice/Select spread to $8.32. Monday's federally inspected cattle slaughter was estimated at 115,000 head, aligning with the previous week's figure but significantly 7,172 head below the same week in the prior year, suggesting a potentially tighter supply situation or sustained demand.
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strongly positive
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