Front month live cattle futures were down by $0.90 to $1.25 across the front month futures. For the April contract that was enough to push the board to net lower for the week – the first weekly dip since December. USDA had the bulk of cash cattle prices $1 to $2 above the previous week. Feeders were $1.07 to $2.20 weaker across the nearbys leaving May $3.90 lower for the week. The CME Feeder Cattle Index was $1.17 higher at $248.07 on 3/6.
The Commitment of Traders data had live cattle spec traders adding new longs and growing their net long to 59,364 contracts. The specs were 11,527 contracts net long in feeder cattle – their strongest position since September.
USDA’s Quarterly beef production outlook lowered Q1 by 120m lbs to 6.6 billion, while Q2 was raised by 145m to 6.685b. Overall beef production for the year was upped 140m lbs to 26.325 billion, though is still 638m lbs tighter yr/yr.
USDA’s Wholesale Boxed Beef prices were firmer as Choice was 43 cents higher and Select was up by $1.17. USDA’s FI cattle slaughter was marked at 484k head for the week through Thursday. That compares to 495k head last week and 501k head during the same week last year.
Apr 24 Cattle closed at $187.600, down $1.125,
Jun 24 Cattle closed at $183.425, down $1.175,
Aug 24 Cattle closed at $182.250, down $1.250,
Mar 24 Feeder Cattle closed at $249.200, down $1.825
Apr 24 Feeder Cattle closed at $254.100, down $2.200
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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