USA: Cattle futures mixed waiting on direct business
Frozen Bone-In Beef
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United States
Market & Price Trends
Published Mar 20, 2024
Tridge summary
The Chicago Mercantile Exchange saw mixed results for live and feeder cattle ahead of widespread direct business and the USDA's On Feed numbers. There was no direct cash cattle trade activity, while at the Joplin Regional Stockyards, feeder steers were steady to $8 higher and feeder heifers ranged from $5 lower to $3 higher. Boxed beef had mixed results with light to moderate demand, and the estimated cattle slaughter was 122,000 head. Lean hog futures also ended mixed due to spread trade and overbought signals, but cash hogs ended higher with a solid negotiated run. Pork values increased, and the estimated hog slaughter was 491,000 head.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
At the Chicago Mercantile Exchange, live and feeder cattle were mixed ahead of widespread direct business and Friday’s On Feed numbers from the USDA. April live cattle closed $.52 lower at $188.05 and June lives closed $.40 lower at $185. April feeder cattle closed $.02 lower at $255.07 and May feeders closed $.20 lower at $258.92. Direct cash cattle trade activity was quiet on Tuesday. Bids didn’t surface. Early asking prices were floated around $188-plus live in the South, but were not established in the North. Significant trade volume will likely be delayed until later in the week. At the Joplin Regional Stockyards in Missouri, feeder steers were steady to $8 higher with some heavy 4-weight steers $25 higher. Feeder heifers sold from $5 lower to $3 higher. The USDA says supply was heavy and cattle were met with very good demand. Receipts were upon the week and the year. Feeder supply included 55% steers and 62% of the offering was over 600 pounds. Medium and Large 1 ...
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