Cattle Trade Mixed and Firm at Midday

Live cattle futures are mostly higher, though Friday feeders are in the red. Gains for the fats are limited to 45 cents at midday, while the June contract is down a nickel. Losses in the feeders are limited to 10 cents at midday. USDA confirmed some moderate cash sales in TX near $170 on Thursday. The full range of sales across all regions was light in volume from $168 - $178. The CME Feeder Cattle Index for 5/17 was 43 cents higher to $202.61. 

CoF estimates range from a 4.5% decrease to a 2.9% decrease for May inventory. The average trade guess is to see a 3.5% decline to an implied 11.5m head. Analysts are looking for placements to come in 3.7% lower and for April marketings to be down 9.7% yr/yr. 

USDA reported 17,430 MT of beef sales for the week that ended 5/11. That was up 5% for the week, 25% below the same week last year. The week’s export shipments were 18k MT bring the total to 300.6k MT. That is 14% behind last year’s record pace. 

USDA’s Wholesale Boxed Beef report showed Choice boxes were up by 16 cents and Select was 72 cents higher in the PM update. USDA estimated the week’s running slaughter total at 504k head through Thursday. That is 2k head below last week’s pace and is up 8k from the same week last year. 

Jun 23 Cattle  are at $165.350, down $0.175,

Aug 23 Cattle  are at $163.875, up $0.250,

Oct 23 Cattle  are at $168.150, up $0.400,

Cash Cattle Index was $170.000, from $170.00 last week

May 23 Feeder Cattle  are at $206.425, up $0.325

Aug 23 Feeder Cattle  are at $234.325, down $0.175