The cattle futures market was triple digits weaker after Tuesday’s trading ended. December contracts closed their gap from 4/5, and October got to within 2 cents at the day’s low. USDA reported $172 - $178 cash trades on Tuesday, with Southern business mostly $1-2 lower near $172 and Northern dressed sales $2-$5 lower at $281. FCE’s Tuesday auction sold 147 heifers for $172, the rest went unsold between $172.50 bids and $173-174 asks. Cash trade was unestablished on Monday. The feeder cattle futures market was 1.6% to 1.8% lower on triple digit losses of as much as $3.92 on Tuesday. USDA’s OKC Feeder Cattle Auction Review had sale prices mostly $4 stronger for the 6,770 head sold. The CME Feeder Cattle Index was $202.82 on 5/1, up by $1.01.
Brazilian export data showed 110,339 MT of beef was shipped during April. That was down from 157k MT from April ’23.
USDA’s Wholesale Boxed Beef prices were lower in the PM update. Choice was down by 78 cents, while Select was $2.34 weaker. USDA estimated Tuesday’s FI cattle slaughter at 128k head, for a WTD pace of 250,000. That compares to 252k last week and to 239k from the same week last year.
Jun 23 Cattle closed at $162.900, down $1.975,
Aug 23 Cattle closed at $160.950, down $1.700,
Oct 23 Cattle closed at $165.300, down $1.700,
May 23 Feeder Cattle closed at $205.950, down $3.750
Aug 23 Feeder Cattle closed at $226.175, down $3.925
Oct 23 Feeder Cattle closed at $230.775, down $3.875
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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