Live Cattle Futures Market News and Commentary
For the 5th straight day, and a combined move of $2.15 (April), live cattle futures closed red. Losses were 40 to 50 cents, with April the weakest. There have been 35 deliveries scheduled against April cattle, with a total of 119 tendered deliveries. Cash sales for the week have been mostly $120-$121 so far, with higher grading cattle going for $123-$126 in the North. The special Thursday FCE auction again resulted in no sales for the 4,284 head listed. Bids were less ambitious than yesterday and limited to $120.50, while most feedlots were asking $122. Feeder cattle futures closed with triple digit losses of 90 cents to $1.10. The April 13 CME Feeder Cattle Index was down a dime to $143.56.
USDA reported 15,666 MT of beef bookings for the week ending 4/15. That was an 8 week low but even with the same week last year. Beef exports were 19,049 MT; South Korea was the top destination followed by Japan and China.
Wholesale Boxed Beef prices were higher i... Read more