Livestock Records Uptick on Thursday's Trade
Rewritten Article:
Cattle Futures Bullish on Thursday, Cash Trade Quiet
Live cattle futures are charging ahead on Thursday, with gains of 25 cents to $1.075. The cash trade has been hush-hush so far this week. This mornin's Fed Cattle Exchange online auction from Central Stockyards didn't see any sales on the 1,346 head listed, with bids at $207-207.50. Feeder cattle futures are cheerfully higher by 50 cents to $1 at Thursday's midday. The CME Feeder Cattle Index rocketed upward by 19 cents on April 22, with the average price at $288.97 [1].
USDA reported beef export bookings dippin' back to 10,336 MT in the week of 4/17, a 3-week low. South Korea gobbled up 3,200 MT, and Japan snagged 1,900 MT. Shipments topped out at 13,200 MT, the second-lowest for the marketing year. The top purchasers were South Korea with 4,900 MT, and Japan followed closely behind with 3,400 MT [2].
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USDA's Thursday morning National Wholesale Boxed Beef report showed a boost, with the Chc/Sel at $17.43. Choice boxes lifted $1.38 to $333.35/cwt, whereas Select slid $1.40 to $315.92. Federally inspected cattle slaughter was estimated at an impressive 122,000 head on Wednesday, bumping the weekly total to 350,000 head. That's 7,000 head shy of the previous week and 13,747 head lighter than the same week last year [2].
Apr 25 Live Cattle: $213.775, up $1.075Jun 25 Live Cattle: $208.350, up $0.250Aug 25 Live Cattle: $204.300, up $0.425May 25 Feeder Cattle: $289.350, up $1.000Aug 25 Feeder Cattle: $292.700, up $0.525Sep 25 Feeder Cattle: $291.775, up $0.575
On the date of this article's publish, Austin Schroeder did not hold any positions (directly or indirectly) in the securities mentioned within this piece. All information and data presented in this article serve purely for information purposes. For additional info, please peruse the disclosure policy here.
[1] Enrichment Data: During the week of April 17, 2023, live cattle futures display a mixed performance. Despite the Thursday gains ($1.175 to $2.75), the previous day saw losses ranging from 27 to 95 cents [1]. Cash trade picked up, with prices in certain regions reported at $196-197 in the South and $200 in the North [2], though these figures are more relevant to later periods.
[2] Enrichment Data: TheFluctuating feeder cattle futures during this period showed losses of 70 cents to $1.62 [1]. Specific performance data for the exact week of April 17, 2023, might not be explicitly detailed in the sources, but the market displayed similar ups and downs to live cattle futures [2]. These market swings tend to be driven by factors like cash trade, feed costs, demand and supply, among others [3].
- The listed price for August 25 Live Cattle futures increased by $0.425, indicating a positive outlook in financial markets for the export of cattle.
- market fluctuations of feeder cattle futures in May 2023 resulted in an average price increase of $1.000, potentially signaling an uptick in finance for the cattle industry.
- The average price on April 22 for the CME Feeder Cattle Index rose by 19 cents, which may suggest an improved financial standing for listed cattle exporters.
