Cattle Rallying to Kickoff the Week
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Live cattle futures rose by $2.02 to $4.05 on Monday, with cash trade averaging around $246. Feeder cattle futures also increased, up $4.17 to $6.75. Monthly Cold Storage data indicated a 1.95% decrease in beef stocks from February. Managed money reduced their net long positions in live cattle and feeder cattle futures. Wholesale Boxed Beef prices saw an increase, with Choice boxes up $1.42 to $388.42. USDA estimated cattle slaughter at 529,000 head for the week, up from last week but down from last year.
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