Cattle Rallying to Kickoff the Week

Live cattle futures are up $2.02 to $4.05 on Monday. Cash trade last week was centered around $246 across the country, with a few late sales of $248. Feeder cattle futures are rallying on Monday, up $4.17 to $6.75 at midday. The CME Feeder Cattle Index was down 68 cents to $369.32 on April 23. The weekly OKC feeder cattle action has an estimated 6,500 head for sale with a firm undertone noted early.

Monthly Cold Storage data showed 410.52 million lbs of beef stocks at the end of March, a 1.95% draw from February and 3.45% below last year.

Managed money trimmed back their net long position in live cattle futures and options by 1,847 contracts as of April 21, taking it to 134,795 contracts. In feeder cattle futures and options, specs cut back 2,371 contracts from their net long to 18,765 contracts.

Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel at 68 cents. Choice boxes were up $1.42 to $388.42, while Select was $1.67 higher at $387.74. USDA estimated federally inspected cattle slaughter at 529,000 head for the week. That is up 15,000 head from last week but 16,260 head below the same week last year.  

Apr 26 Live Cattle  are at $250.325, up $2.025,

Jun 26 Live Cattle  are at $249.275, up $4.050,

Aug 26 Live Cattle  are at $245.525, up $3.875,

Apr 26 Feeder Cattle  are at $371.800, up $4.175

May 26 Feeder Cattle  are at $367.550, up $6.650

Aug 26 Feeder Cattle  are at $368.500, up $6.725