Cattle Dropped on Monday

Cattle futures settled 30 to 87 cents in the red on Monday, buying the rumor and selling the fact after the Cattle on Feed report. Feeder cattle futures ended with 2 to 80 cent losses across the front months. Cash trade so far remains mostly unestablished, save for very limited $166 in the WCB. Last week’s activity was mostly near $164. USDA’s weekly Feeder Auction Review had 6k head sold, but only 8% heifers. The CME Feeder Cattle Index for 3/17 was $188.01, up by 14 cents. 

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. 

USDA’s wholesale Boxed Beef prices were mixed on Monday, with Choice down by $2.33 and Select $1.50 higher. That had the Chc/Sel spread to $7.08. USDA estimated Monday’s FI cattle slaughter at 125k head. That matched last week and is 8,000 more than the same Monday last year.  

Apr 23 Cattle  closed at $162.025, down $0.300,

Jun 23 Cattle  closed at $155.525, down $0.875,

Aug 23 Cattle  closed at $155.750, down $0.650,

Mar 23 Feeder Cattle  closed at $188.200, down $0.650

Apr 23 Feeder Cattle  closed at $194.625, down $0.025

Aug 23 Feeder Cattle  closed at $214.700, down $0.600