Cattle futures initially bought the CoF report to start the week, but midday quotes have the front months back in the red by 2 to 37 cents. Feeder cattle are mixed within 50 cents of UNCH for midday. USDA confirmed some light cash trade on Friday from $164 to $166, declaring the bulk for last week mostly near $164. USDA’s weekly Feeder Auction Review had 6k head sold, but only 8% heifers. 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’s wholesale Boxed Beef prices were higher in the AM report with Choice up by 19 cents and Select $1.17 higher. USDA estimated FI cattle slaughter for the week through Saturday at 631k head.
April 23 Cattle are at $162.200, down $0.125,
Jun 23 Cattle are at $156.000, down $0.400,
Aug 23 Cattle are at $156.225, down $0.175,
Cash Cattle Index was $165.000, from $165.00 last week
Mar 23 Feeder Cattle are at $188.900, up $0.050
April 23 Feeder Cattle are at $194.975, up $0.325
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.
