Cattle Fall into the Monday Close on Tariff Pressure

Live cattle futures closed Monday with contracts up 50 cents in front month June, but other contracts 55 cents lower to down $1.92. Cash trade settled in at $256-260 last week, with southern action $256-258 and northern trade at $258-260. Feeder cattle futures were down $1.92 to $4.80 in the front months, with May the exception, up $1.025. The CME Feeder Cattle Index was back down $2.54 to $374.83 on May 7.  The weekly OKC feeder cattle auction had 5,237 head for sale, with prices down $5-10 on feeder steers and steady to $5 lower on feeder heifers.

Just before midday, a Wall Street Journal report indicated the US was looking to temporarily lower beef import tariffs as soon as Monday.

The Monday Crop Progress report showed US pasture ratings at 31% in good/excellent category, with the all including Brugler500 index (100-500 point scale) at 275.

Wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Chc/Sel spread at a 27 cent premium to Select. Choice boxes were up $2.83 to $391.22, while Select was $6.48 higher at $361.49. USDA estimated federally inspected cattle slaughter for Monday at 102,000 head. That was up 4,000 head from last Monday and 4,707 head above the same Monday last year. 

Jun 26 Live Cattle  closed at $249.400, up $0.500,

Aug 26 Live Cattle  closed at $243.550, down $0.550,

Oct 26 Live Cattle  closed at $236.675, down $1.625,

May 26 Feeder Cattle  closed at $368.400, up $1.025,

Aug 26 Feeder Cattle  closed at $362.300, down $1.925,

Sep 26 Feeder Cattle  closed at $360.150, down $2.075,