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.
Commitment of Traders data from Friday had major net new buying from the funds. The group added 22.7k new longs taking their net long back to 85k contracts as of 4/4.
On Friday, the Wholesale Boxed Beef report had lower Select and stronger Choice. The $1.33 increase left Choice at $290.98, and the 85 cent drop had Select at $275.78. USDA estimated last week’s FI cattle slaughter at 603k head through Saturday. That was down 48k head from the week prior and was 62k head below the same week last year. The yearly total trails last year’s pace by 2.8%.
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
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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