Cattle Extending Rally on Wednesday

Live cattle futures are extending the strength, up $1.40 to $1.85. Cash trade kicked off at $195 in the south on Tuesday, with a few more picked up by the USDA this morning near $197. The Wednesday morning online Fed Cattle Exchange auction from Central Stockyards, showed sales on 2 lots at $197 live and one lot at $198.50 using their BidTheGrid™ method. Feeder cattle futures are up $1.40 to $3.20 in the front months, so far on Wednesday. The CME Feeder Cattle Index was back down $1.83 on Monday, with the average price at $278.75. 

Reports are surfacing that the US is throwing around a delay in the implementation of tariffs on autos from Mexico and Canada, though nothing has been made official. President Trump spoke with President Trudeau of Canada this morning though there are no updates to this point on how the meeting went. 

Wednesday morning National Wholesale Boxed Beef prices from the USDA were lower, with the Chc/Sel spread narrowing to $11.41. Choice boxes were down 70 cents at $314.17/cwt, with Select up $1.26 to $302.76. Tuesday’s Federally inspected cattle slaughter from USDA was estimated at 123,000 head, taking the weekly total to 225,000 head. That is 8,000 head above the previous week, but still down 15,646 head from the same week last year.

Apr 25 Live Cattle  are at $196.125, up $1.475,

Jun 25 Live Cattle  are at $191.875, up $1.800,

Aug 25 Live Cattle  are at $190.325, up $1.850,

Mar 25 Feeder Cattle  are at $275.250, up $1.400

Apr 25 Feeder Cattle  are at $275.400, up $2.900

May 25 Feeder Cattle  are at $274.225, up $3.225