Friday’s cattle rally of triple digits flipped the contracts net higher for the week. April went into the weekend up by $1.32 on Friday and up a nickel for the week. April cattle did not post a new LoC high this week, the first in 5 weeks without one. USDA confirmed Friday catch up sales from $163 to $167 across the feeding regions. The bulk for the week was mostly near $165. Feeder cattle futures rallied by 0.9% to 1.1% on triple digit Friday gains. April feeders printed a new LoC high on Thursday. The CME Feeder Cattle Index from 3/2 was $1.41 higher to $185.43.
Wholesale Boxed Beef prices were mixed in the PM report with an 82 cent increase in Choice but a 72 cent pullback in Select. The spread widened to $12.46 for the cutouts, while the spread for the rib primals was $47.87. Federally inspected cattle slaughter for the week was estimated at 629k head, which is up from last week, but under the 659k head during the same week last year. YTD slaughter trails last year’s pace by 2.6%.
Apr 23 Cattle closed at $165.425, up $1.325,
Jun 23 Cattle closed at $160.675, up $1.225,
Aug 23 Cattle closed at $159.900, up $1.175,
Mar 23 Feeder Cattle closed at $190.000, up $1.425
Apr 23 Feeder Cattle closed at $196.025, up $2.175
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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