Cattle Look to Wednesday Trade with Cash Leading the Way

Live cattle futures posted Tuesday gains of $2.12 to $4.55. Open interest was up 8,650 contracts on Tuesday, suggesting new buying interest. Cash trade got kicked off early again this week, but on a higher, note at $252 live and 395-396 dressed in the north. Southern action was still quiet, with very light $250-252 action. Feeder cattle futures were up $1.50 to $5.37 on the day. The CME Feeder Cattle Index was up 28 cents to $369.62 on April 27. The weekly OKC feeder cattle action showed mostly steady action on the 6,573 head sold.

The Tuesday APHIS update showed 1,416 active cases of New World Screwworm across Mexico, with 120 active cases in the bordering state of Tamaulipas and 11 in Nuevo Leon. On Monday, Florida restricted the import of cattle from 6 southern counties in Texas due to screwworm concerns though there have yet to be any active cases reported within the US.

Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report, with the Chc/Sel at 12 cents. Choice boxes were down 66 cents to $388.90, while Select was 18 cents higher at $3878.78. USDA estimated federally inspected cattle slaughter at 109,000 head for Tuesday, taking the weekly total to 215,000 head. That is up 7,000 head from last week and 10,377 head below the same week last year.  

Apr 26 Live Cattle  closed at $252.675, up $2.250,

Jun 26 Live Cattle  closed at $253.500, up $4.550,

Aug 26 Live Cattle  closed at $249.100, up $3.725,

Apr 26 Feeder Cattle  closed at $372.075, up $1.500,

May 26 Feeder Cattle  closed at $371.725, up $4.275,

Aug 26 Feeder Cattle  closed at $373.075, up $4.800,