Cattle Futures Rebound as Screwworm Scare Collides With Firm Beef and Cash Prices

Overview

• Live cattle rose 65 to 97 cents at Wednesday midday and feeders gained $1.37 to $2.15, clawing back part of Friday’s sharp drop.
• USDA data show supportive fundamentals with limited cash trades near $232 and wholesale Choice boxed beef around $366 as Select also firmed.
• Mexican officials report 11 confirmed New World Screwworm detections in Tamaulipas since Dec. 30, and Texas’ agriculture chief urged heightened vigilance as sterile flies are deployed.
• CFTC data as of Jan. 13 show managed money net long 101,316 live cattle contracts, funds expanding corn net shorts to about 81,774, and soybean spec longs cut to 12,961 as exports diverge with strong corn, softer soy, and firmer wheat bookings.
• Grain markets were mixed Wednesday with soybeans up about 12 cents on fresh trade chatter and Brazil weather signals, corn slightly lower despite new private sales, and wheat edging higher after Tuesday’s pullback.