Cattle saw initial weakness on Friday, but LC contracts closed with gains of 20 to 55 cents. Cash was mixed around this week, with the South seeing action anywhere from $183-185, and the North at $186-187. Feeders were mixed at the close with strength in corn pressuring things as futures closed with contracts anywhere from 15 cents lower to 37 cents higher. The CME Feeder Cattle index was back up 23 cents on May 9 to $240.61.
Quarterly beef production was estimated to rise by a total of 140 million lbs from the previous month for the 2024 total to 26.595 billion. USDA added 70 million to Q2, 40 million to Q3, and 35 million lbs to Q4 estimates.
Managed money spec funds were adding 3,309 contracts to their net long in live cattle futures and options as of May 7 to 36,929 contracts.Â
USDA’s Wholesale Boxed Beef prices were lower in the Friday afternoon report. Choice boxes were down 82 cents at $294.57, with Select $1.59 lower to $284.17. That widened the Chc/Sel spread to $10.40, the largest since last March. USDA estimated federally inspected cattle slaughter at 622,000 head for this week including Saturday. That is even with last week on an expected lighter Saturday kill and 22,313 head below last year.Â
Jun 24 Live Cattle  closed at $176.150, up $0.200,
Aug 24 Live Cattle  closed at $174.125, up $0.400,
Oct 24 Live Cattle  closed at $177.425, up $0.425,
May 24 Feeder Cattle  closed at $238.800, up $0.150,
Aug 24 Feeder Cattle  closed at $250.900, down $0.150,
Sep 24 Feeder Cattle  closed at $251.975, down $0.100,
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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