Live Cattle (Pit) Futures Market News and Commentary
The nearby summer cattle contracts were up triple digits as the back months gained 47 to 95 cents. The Board has sold off in the two weeks ahead of the Cattle on Feed report, and “bought the fact” once the bearish numbers were out. USDA confirmed very limited $138 cash trade on Monday for KS heifers. Most of last week’s trade was $138 to $14-0. Feeder cattle futures closed with $1.17 to $1.70 gains. The 5/19 CME Feeder Cattle Index was $153.05 after sliding 41 cents.
USDA reported 531.728m lbs of beef were in cold storage stocks as of April. That was down about 4m lbs month to month, but was 18.5% more than April 2021 and a new record for the month.
Wholesale Boxed Beef prices continued higher in USDA’s PM report, with a $2.11 boost to Choice and a $1.21 increase in the Select boxes. USDA estimated Monday’s FI cattle slaughter at 125k head. That is up by 1,000 from last week and compares to 117k head on the same Monday last year.
Jun 22 Cattle closed at $132.7... Read more