Feeder Cattle Futures Market News and Commentary
Live cattle were up 2 to 32 cents in the nearby contracts n Thursday, with other contracts down 25 to 57 cents. Cash trade has seen a little action at $138 in the south this week, with sales in the north at $140-142. Thursday’s Fed Cattle Exchange online no sales, with most asks ranging from $137.25-142 and bids hitting $136-137.25. Feeders were down 52 cents to $1.72 on the day. The CME Feeder Cattle Index was down $1.59 to $153.46 on 5/18.
Surveys ahead of Friday’s USDA Cattle on Feed report expect placements during April to be down 4.6% vs. last year, with marketings down 2%. May on feed expectations are estimated to be up 1.3% by the trade.
Weekly Export Sales data showed bookings of 23,326 MT in the week that ended on May 12, down 17.76% vs. last week’s MY high. Japan was the buyer of 7,900 MT. Shipments were reported at 19,847 MT, a 0.54% increase over the week prior.
Wholesale Boxed Beef prices were higher on Thursday afternoon. Choice was up $1.23 to $261... Read more