Feeder Cattle Futures Market News and Commentary
Midday fat cattle prices are 20 cents firmer in June, now a 3 cent premium to August. The other nearbys are 35 to 42 cents in the red with trade cautious ahead of the monthly USDA COF report. Feeder cattle futures are trading 22 to 90 cents weaker through midday. 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.
Survey averages ahead of today’s USDA Cattle on Feed report have placements during April down 4.6% vs. last year, with marketings down 2%. May on feed expectations are estimated to be up 1.3% by the trade.
Wholesale Boxed Beef prices were mixed in the AM report, with Choice $1 higher to $261.47 and Select a nickel weaker to $245.97 cwt. USDA estimated FI cattle slaughter at 499,000 head for the WTD through Thursday. That is up 4,000 wk/wk and 25,000 head larger yr/yr.
Jun 22 Cattle are at $131.575, up $0.075,
Aug 22 Cattle ... Read more