Live Cattle Futures Market News and Commentary
Live cattle were down $1.15 to $1.77 at the close on Wednesday. Cash trade has seen a little action at $138 in the south this week, with sales in the north at $140-142. Wednesday’s Fed Cattle Exchange online no sales, with most asks ranging from $137.50-142 and bids hitting $136. Feeders settled 12 cents to $1.35 lower, with weakness in corn helping to ease some losses. The CME Feeder Cattle Index was down 22 cents to $155.05 on 5/17.
Surveys ahead of Friday’s USDA Cattle on Feed report expect placements during April to be 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 on Wednesday afternoon, with Choice down a penny to $260.47 and Select $2.17 lower at $246.02. The Chc/Sel spread widening to $14.45. USDA estimated FI cattle slaughter at 374,000 head for the WTD through Wednesday. That is up 3,000 wk/wk and 20,000 head larger yr/yr.
Jun 22 Cattle closed a... Read more