Cattle Futures Mixed, Feeders Gain Ground

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Live cattle futures were mixed on Monday, with contracts ranging from $1.125 lower to 40 cents higher at the close. Feeder cattle futures, however, posted gains of 32 cents to $1.75. The CME Feeder Cattle Index rose $7.27 to $373.94 on April 10, and the OKC feeder cattle auction saw steady to $25 higher prices for calves and steady to $5 higher for steers and heifers.

Why it matters

Cattle futures trading provides insight into the overall health and direction of the beef industry, which is a crucial component of the broader agricultural economy. The mixed performance, with feeders outpacing live cattle, suggests potential shifts in supply and demand dynamics that could impact producers, processors, and consumers.

The details

In the live cattle market, last week's cash trade was at $246-249 in the South, with some northern action near $249-250. Wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Choice/Select spread widening to a $1.72 premium for Choice. USDA estimated federally inspected cattle slaughter at 107,000 head for Monday, up 9,000 head from the previous week but still 5,513 head below the same week last year.

• On April 10, the CME Feeder Cattle Index rose $7.27 to $373.94.
• The OKC feeder cattle auction from Monday had an estimated 5,000 head sold, with feeders steady to $5 higher for steers and heifers up $10-15, and calves steady to $25 higher.