The collapse in the feed grain market on Thursday helped the cattle market rally 12 to 92 cents. Feeder cattle futures closed the session $0.60 to $1.25 higher. Central Stockyards had no sales for the 1,023 head listed on Thursday. Bids were shown as $172-173 as asks were $175. USDA confirmed some light cash trade near $178 in NE on Thursday. They had the last established market as last week from $175 in the South and $180 in the North. The CME Feeder Cattle Index was 5 cents higher on 4/25 to $201.31.
USDA’s weekly Export Sales report showed 9,508 MT of beef was booked during the week that ended 4/20. That was a 50% drop for the week and was down 17% from the same week last year. USDA mentioned Japan and South Korea were the top buyers for the week. Accumulated shipments reached 248,741 MT, which is 14% behind last year’s pace. USDA’s April WASDE had the full year beef export forecast 11.3% below 2022’s volume.
The PM boxed beef report priced Choice at $311.07, up by $1.83, and Select boxes at $289.09 up by $1.15. USDA estimated the week’s FI cattle slaughter at 496k head through Thursday. That is 6,000 head less than last week’s pace.
Apr 23 Cattle closed at $175.450, up $0.925,
Jun 23 Cattle closed at $165.200, up $0.625,
Aug 23 Cattle closed at $163.850, up $0.450,
Apr 23 Feeder Cattle closed at $202.675, down $0.000
May 23 Feeder Cattle closed at $211.525, up $1.250
Sep 23 Feeder Cattle closed at $234.525, up $0.800
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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