Cattle Falling to Round Out the Month

Live cattle futures are trading with midday losses of $1.15 to $1.55 so far on Monday. Cash trade was slow last week, with most action settling in steady from the previous week at $209-210 in the South and $213-214 in the North. Dressed trade was $335-345 in the North.

Feeder cattle futures are sliding another $1.12 to $1.70 into month end on Monday. The CME Feeder Cattle Index was back down 86 cents on March 27, with the average price at $286.76. The weekly OKC feeder cattle auction has an estimated 5,000 head for sale, above the same week last year but shy of last week.

Commitment of Trader data from Friday indicated a total of 17,717 contracts added to the net long in live cattle futures and options as of March 25. That took the net long to 137,892 contracts. Speculators in Feeder cattle continue to build their record net long, up another 2,935 contracts to 34,132 contracts as of Tuesday.

The Monday morning National Wholesale Boxed Beef report from USDA was higher, as the Chc/Sel widened back out to $14.66. Choice boxes were up $1.01 at $333.83/cwt, with Select up 49 cents to $319.17. Last week’s Federally inspected cattle slaughter was estimated at 609,000 head by USDA. That was 49,000 head above the previous week and up 26,791 head from the same week last year.

Apr 25 Live Cattle  are at $207.650, down $1.175,

Jun 25 Live Cattle  are at $203.325, down $1.525,

Aug 25 Live Cattle  are at $199.725, down $1.275,

Apr 25 Feeder Cattle  are at $285.850, down $1.700

May 25 Feeder Cattle  are at $283.800, down $1.375

Aug 25 Feeder Cattle  are at $288.550, down $1.125