April contracts hover near $243.80/cwt, reflecting improved pasture conditions and moderating input costs. Market sentiment leans cautiously positive, with traders eyeing USDA’s upcoming feedlot report for confirmation of herd expansion. Oct 25 Feeder Cattle closed at $357.175, up $2.875, USDA’s recent pasture and forage quality report has bolstered feeder futures, with June contracts reaching $248.20/cwt. Lower hay prices coupled with better grass growth are improving feed cost structures, making feeder cattle more attractive to buyers in the forward market. In feeder futures, technical traders observe a symmetrical triangle pattern forming on daily charts. The July contract sits at $248.00/cwt, with breakout potential if corn prices remain subdued. Short hedgers remain active following last week’s dip to $245, suggesting risk management in volatile weather conditions.
