Cattle Back to Rally Mode on Wednesday

Live cattle futures are trading with $4 to $5.30 gains in the front months. Cash trade has seen some $260 sales in the South early this week. The Wednesday morning Fed Cattle Exchange online auction showed $260-261.50 sales on 552 of the 1,104 head offered. Feeder cattle futures are up $1.47 in May, with other contracts up $4 to $4.55. The CME Feeder Cattle Index was back down $1.48 to $374.37 on May 11. 

The Tuesday APHIS update on the New World Screwworm showed a total of 1,701 active cases of in Mexico as of Monday. There were 139 active cases in the bordering state of Tamaulipas (7 within a range of 96-97 miles of the US border), 51 active in Nuevo Leon (14 within a range of 79-99 miles of the US border), and 15 in Coahuila.

Wholesale Boxed Beef prices were lower in the Wednesday morning report, with the Chc/Sel spread back at a 12 cent premium to Choice. Choice boxes were down 75 cents to $389.98, while Select was $1.41 lower at $389.86. USDA estimated federally inspected cattle slaughter for Tuesday at 108,000 head, taking the weekly total to 210,000 head. That was up 5,000 head from last week but 8,947 head below the same week last year. 

Jun 26 Live Cattle  are at $252.100, up $4.400,

Aug 26 Live Cattle  are at $246.375, up $5.300,

Oct 26 Live Cattle  are at $238.200, up $4.325,

May 26 Feeder Cattle  are at $367.375, up $1.475

Aug 26 Feeder Cattle  are at $361.100, up $4.550

Sep 26 Feeder Cattle  are at $358.025, up $4.150