Triple Digit Rally for Cattle Market

Live cattle futures ended the Thursday session with gains of $1.55 to $2.80. That left the April contract at a net $2.72 gain for the week ahead of the delivery process. USDA reported Thursday sales from $170 to $178. The bulk in the North hovered near $177 for the week, with the South getting mostly $170-172. Thursday’s FCE auction had 967 head listed with 130 steers sold for $171. Feeder cattle futures were also 1.4% to 1.6% higher on triple digit gains of as much as $3.80. The CME Feeder Cattle Index was 7 cents lower on 4/05 to $193.22. As a reminder, the market will not trade with tomorrow’s Good Friday. 

Weekly USDA data showed 13,458 MT of beef export sales for the week that ended 3/30. That was up 20% for the week, but was still 2.4k under the 3-week average. South Korea was the top buyer. Accumulated beef commitments were 359.5k MT as of 3/30. 

USDA’s Wholesale Boxed Beef prices for Thursday were $1.03 higher in Choice and $1.53 lower in Select. That left the Chc/Sel spread at $13.02. USDA estimated the WTD FI cattle slaughter at 488k head through Thursday. That trails last week by 17k head and is 3k below the same week last year. 

Apr 23 Cattle  closed at $171.075, up $2.675,

Jun 23 Cattle  closed at $163.100, up $2.800,

Aug 23 Cattle  closed at $162.300, up $2.325,

Apr 23 Feeder Cattle  closed at $200.625, up $2.800

May 23 Feeder Cattle  closed at $205.400, up $3.300

Sep 23 Feeder Cattle  closed at $225.350, up $3.125