Live cattle futures were supported by a rallying cash market, with contracts gaining between $3.50 and $4.40 in the front months. February futures saw a weekly increase of $6.35.
Cash trade activity picked up this week, settling at $232 across the country, which is $2 to $3 higher than last week.
Feeder cattle futures also showed strong gains, rallying between $5.85 and $8.05 in the front months on Friday to start the new year. January contracts were up $9.925 over the week. The CME Feeder Cattle Index increased by $1.57, reaching $350.22 as of January 1.
USDA wholesale boxed beef prices were higher in the Friday afternoon report. The Choice/Select spread narrowed to just $3.05. Choice boxes rose $2.52 to $349.97, while Select boxes increased by $4.54 to $346.92.
This week’s USDA federally inspected cattle slaughter was estimated at 474,000 head. This represents a 48,000 head increase from last week but remains 30,893 head below the same period last year.
**Live Cattle Futures Closing Prices:**
– Feb 26: $236.00, up $4.40
– Apr 26: $235.98, up $3.78
– Jun 26: $230.35, up $3.58
**Feeder Cattle Futures Closing Prices:**
– Jan 26: $356.10, up $5.85
– Mar 26: $352.95, up $7.63
– Apr 26: $352.25, up $8.03
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*On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data are solely for informational purposes.*
For more information, please view the [Barchart Disclosure Policy](https://www.barchart.com/disclosure).
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*The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.*
https://www.nasdaq.com/articles/cattle-rally-kick-new-year