Live Cattle Futures Market News and Commentary
Fat cattle prices ended the day with a 7 cent gain in June to 42 to 57 cent losses in the other nearbys. The spot futures price to Feb ’23 stayed near a $19 deferred premium at the close. Feeder cattle futures went into the weekend 62 cents to $1.27 weaker, led by the August contract. Cash cattle trades have seen a little action at $138 in the south this week, with sales in the north at $140-142. The CME Feeder Cattle Index was down $1.59 to $153.46 on 5/18.
USDA’s NASS reported 11.967m head of cattle were on feed on May 1. That was up 2% yr/yr compared to the average 1.3% increase expected, though the inventory was a 6 month low. April placements were 1.809m head, or 0.88% fewer than April ’21. The trade was looking for a 4.6% lighter placement. Marketings were down 2.2% from April ’21, compared to the 1.3% drop expected, as NASS reported 1.983m head were marketed.
Wholesale Boxed Beef prices were mixed in the PM report, as Choice $0.47 higher to $262.17 and Select a... Read more