Cattle Market Red at Midday

The midday cattle futures market is down by 10 to 17 cents so far, save for the now in delivery April contract. April fats are holding 37 cent gains through midday. There were no deliveries issued against April cattle on First Notice Day, the Merc reported the oldest dated long as Feb 9th of 2022. The Tuesday FCE auction had $170 bids against $173 asks for no sales on the 1,292 head listed. Feeder cattle futures are mixed at midday with a 10c weaker April contract and 7 cent stronger deferred contracts. USDA’s OKC feeder auction review showed $5-$9 higher prices for the 4.8k head sold. The CME Feeder Cattle Index dropped $1.05 to $193.33 for 4/7. 

USDA updated their quarterly beef projections this morning, with a lighter Q1 and Q4 output but a significantly higher Q3 output. On net the 150m larger Q3 pushed the 2023 total beef production to 110m lbs above the March figure to 26.775 billion. 

USDA’s Wholesale Boxed Beef prices were stronger in the AM report with Choice gaining $2.06 cwt. and Select up by $4.09. That had the spread at $12.48. USDA estimated Monday’s FI cattle slaughter at 113k head, down 10k from the same Monday last year. 

April 23 Cattle  are at $171.650, up $0.275,

Jun 23 Cattle  are at $163.650, down $0.050,

Aug 23 Cattle  are at $162.900, up $0.000,

Cash Cattle Index was $170.000, from $164.00 last week

April 23 Feeder Cattle  are at $201.075, up $0.150

May 23 Feeder Cattle  are at $206.550, up $0.925