Live Cattle Futures Market News and Commentary
Live cattle futures closed the Friday session with losses of $0.72 to $2.45, with April the firmest and June the weakest. Through the week, the April/June spread corrected from a $2.25 discount to an 85 cent premium. USDA confirmed some more $125 trade in the WCB on Friday, for the week cash trades ranged $120 - $125 with the bulk near $123. Feeder cattle futures closed Friday with $1.45 to $2.37 losses. The CME Feeder Cattle Index was up 28 cents on 4/6 at $139.98.
USDA shifted quarterly beef production, decrease Q1 and Q2 by a combined 95m lbs, but increasing Q3 and Q4 production by 90 and 65 million respectively. On net, 2021 beef production was forecasted 60m lbs higher to 27.640 billion lbs.
Wholesale Boxed Beef prices were higher on Friday, adding $1.67 to Choice at $272.17. Select boxes were up 24 cents to $264.07 cwt. USDA’s estimate for the week’s FI cattle slaughter is 641,000 head. That is up significantly from both last week and last year,... Read more