Mixed Close in Cattle Market

The live cattle futures market was mostly higher, but within 17 cents of UNCH on Friday heading into the CoF report. USDA reported the bulk of cash activity near $175 for the South and $182 for the North. Feeders were mostly higher on the day, though they closed off their highs with 5 to 40c gains. April feeders were down by $1.25. The CME Feeder Cattle Index was $203.91, down by $2.32 on 4/19.  

CFTC data showed live cattle spec traders were buying the board during the week that ended 4/18. The funds added 10k new longs and closed 2k shorts for a 104,341 contract net long. Managed money was 11,012 contracts net long in feeder cattle as of 4/18. That was a 2.7k contract stronger net long for the week, also fueled by net new buying. 

NASS reported 11.612m head of cattle in 1,000+ head feedlots on April 1st. That was a 4.39% lower count from April ’22, compared to the 5% expected drop. The heifer ratio was shown at 38.7% with 4.495m head. That compares to the 4.575m head and 37.7% ratio in April ’22. March placements came in at 1.992m head, which was a 0.65% reduction from last year and was a much smaller drop than the 5.2% expectation. Marketings were reported at 1.977m head, which was 1.15% lower yr/yr and a smaller drop from last year than the trade average guess. 

USDA’s Wholesale Boxed Beef prices for Friday were $306.60 in Choice (-0.39) and $287.80 (-0.94) in Select. USDA estimated the week’s cattle slaughter at 622k head through Saturday. That had the full year total at 10.027m head, a 3.1% lag compared to last year’s pace.  

Apr 23 Cattle  closed at $173.975, down $0.125,

Jun 23 Cattle  closed at $164.525, up $0.175,

Aug 23 Cattle  closed at $163.550, up $0.125,

Apr 23 Feeder Cattle  closed at $203.775, down $1.250

May 23 Feeder Cattle  closed at $212.400, up $0.050

Sep 23 Feeder Cattle  closed at $232.425, up $0.400