Turnaround Tuesday Gains for Cattle Futures

The Tuesday session reduced Monday’s pullback with 67c to $1.32 gains in the front month live cattle futures market. The April fats remain 45 cents in the red for the week’s move through the first 2 sessions. Feeder cattle also rebounded on the day with $0.75 to $1.50 gains. That left the April contract a net 82 cents weaker for the week. USDA’s OKC Feeder Cattle Auction Review had feeders $3 to $6 higher with 8.5k head sold. The calves were reported as much as $10 stronger in this week’s sale. USDA had light $183 cash sales confirmed for the WCB on Tuesday, though this week’s cash trade remains mostly unestablished - from $183-$184 last week. The CME Feeder Cattle Index was 62 cents $246.38 for 3/1. 

Tuesday’s afternoon Wholesale Boxed Beef quotes weakened by $1.51 in Choice and by 30 cents in Select. The rib primals were shown at $456.32 and at $436.73 respectively. rices were mixed again, though with Choice backing off by $1.14 cwt. and Select 28 cents firmer. USDA reported FI cattle slaughter for Tuesday at 122,000 head. That set the week’s pace at 238k compared to 247k last week and 251k vs the same week last year. 

Apr 24 Cattle  closed at $188.000, up $1.325,

Jun 24 Cattle  closed at $183.525, up $0.950,

Aug 24 Cattle  closed at $182.775, up $0.850,

Mar 24 Feeder Cattle  closed at $252.300, up $0.750

Apr 24 Feeder Cattle  closed at $257.175, up $1.425