TheCattleSite.com - news, features, articles and disease information for the cattle industry

News

CME update: cattle futures climb on monthly report

27 April 2021

US live cattle futures gained on 26 April, supported by Friday’s monthly Cattle on Feed report that showed smaller-than-expected placements.

Reuters reports that Chicago Mercantile Exchange June live cattle futures settled 0.550 cent higher at 116.275 cents per pound while the August contract ended 1.100 cents higher at 117.950 cents.

"It wasn’t as large a number, relative to a year ago, as everyone thought," said Alan Brugler, president of Brugler Marketing.

After the CME close on Friday, the US Department of Agriculture said the number of cattle placed in US feed lots during March was up 28% from a year earlier - lower than analyst predictions.

Feeder cattle futures were mixed, with CME August feeders adding 0.400 cent to close at 150.300 cents per pound, though nearby contracts slid as benchmark Chicago Board of Trade corn futures climbed to an eight-year high at $6.57-1/2 per bushel, indicating higher feed costs.

Boxed beef prices climbed on Monday, with choice cuts gaining $1.43 to $285.20 per cwt., while select cuts added $2.22 to 274.35 per cwt.

Cash cattle trade was steady, with trade ranging from $118 in Kansas to $121 in Nebraska late last week, according to the USDA.

Read more about this story here.

Source: Reuters



Partners


Seasonal Picks