CME: 2019 Live Cattle Futures Prices Steady
via The Cattle Site - 04 December 2018
US - The 2019 Live Cattle futures prices for 2019 were steady week-over-week, reports Steiner Consulting Group, DLR Division, Inc.
The April contract averaged $122.34 per cwt. for the week, and Augustís came in at $112.51. Feeder Cattle contracts for next year did not change a lot week-over-week, with some contracts higher and some down by a few cents per cwt.
Compared to back in mid-October of this year (2018), weekly average prices for all the 2019 Feeder Cattle contracts were lower. For example, the Aprilís was down by $4.08 per cwt., and October 2019 had dropped by $5.94.
The Live Cattle contracts last week were relatively unchanged compared to mid-Octoberís levels. So, in the futures markets, a normalization (lowering) of feeder cattle price relative to the fed cattle has been in process.
On Saturday, a severe winter storm engulfed Nebraska. In planning for that storm, media reports said that three beef packing plants would not conduct Saturday slaughter.
The preliminary slaughter data (released on Friday) indicated that nationally FI cattle slaughter would be about 2500 head below a year earlier (see the following graphic). That number could be revised lower...
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