The Friday cattle futures market closed mixed ahead of the COF report. April went into the weekend 77 cents off its low for the day, but still 2 cents in the red. April fats were down by $2.25 for the week. The feeder cattle market also closed mostly lower on Friday, save for the August contract which went home 7 cents in the black. March feeders were a net $2.62 lower for the week. USDA confirmed some light cash trade on Friday from $164 to $166, declaring the bulk for the week mostly near $164. The CME Feeder Cattle Index for 3/15 was 70 cents weaker to $188.71.
USDA’s NASS confirmed 11.645m head of cattle were in 1,000+ head feedlots as of 3/1. That was down 4.5% from last year, matching the trade average guess, and was the lightest inventory since October. February placements came in at 1.734m head, a 7.2% drop. The trade was looking for a 6% yr/yr drop on average. The monthly update showed 1.735m head were marketed in February, which was 5% below last year and slightly fewer than expected.
USDA saw Boxed Beef prices at $283.35 for Choice and $272.44 for Select on Friday afternoon. That was a 60c weaker Choice quote, but Select was up by 68 cents. USDA estimated FI cattle slaughter for the week through Saturday at 631k head. That is 3,000 lighter than last week and down 5k head from the same week last year. YTD slaughter, at 6.92m head, is trailing last year by 2.4%.
Apr 23 Cattle closed at $162.325, down $0.025,
Jun 23 Cattle closed at $156.400, down $0.475,
Aug 23 Cattle closed at $156.400, down $0.175,
Mar 23 Feeder Cattle closed at $188.850, down $0.650
Apr 23 Feeder Cattle closed at $194.650, down $0.500
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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