USA: Cattle futures end the week on a positive note

Published Jun 15, 2024

Tridge summary

The Chicago Mercantile Exchange reported a notable increase in live and feeder cattle prices, driven by active direct business and higher midday boxed beef prices. August and October live cattle closed significantly higher, and feeder cattle also saw substantial gains. Despite this, cash trade activity was subdued on Friday. The USDA reported moderate demand and lowered receipts, with some regions experiencing supply issues.

In the hay market, new-crop prices were met with pressure from abundant old-crop supplies and rain-related challenges. Boxed beef prices were higher, driven by solid demand, and estimated cattle slaughter increased slightly. Lean hog futures were mixed, with cash and wholesale business higher at midday. Cash hogs and pork values, including bellies, butts, loins, and ribs, saw significant increases, while ham and picnic prices were lower. Estimated hog slaughter was slightly lower on the week but higher on the year.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the Chicago Mercantile Exchange, live and feeder cattle were sharply higher on the week’s direct business and higher midday boxed beef. August live cattle closed $3.67 higher at $183.17 and October live cattle closed $3.15 higher at $284.85. August feeder cattle closed $4.50 higher at $261.97 and September feeders closed $4.40 higher at $262.70. Direct cash cattle trade activity was quiet for the most part Friday following the active day on Thursday. Deals for the week were at mostly $186 live in the South, $1 higher than the previous week’s weighted averages. Dressed deals in the North were at mostly $305 to $306, $4 to $5 higher than the prior week’s weighted average basis in Nebraska. In Oklahoma this week, feeder steers over 800 pounds were $4 to $8 higher. Feeder steers under 800 pounds were $2 to $5 lower. Steer calves were $3 to $4 higher. Feeder heifers were $3 to $5 higher. Heifer calves were steady to $4 lower. The USDA says demand was moderate. Receipts ...
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