Cattle Traders Look to React to Cattle on Feed Numbers After Long Weekend

Live cattle futures settled with Thursday gains of $1.175 to $2.75, as June rounded out the short week with a $7.27 pop higher Cash trade picked up last week, with sales of $208-210 in the South and $212-214 in the North. That would be up $4-6 from last week. Feeder cattle posted $1.42 to $2.45 gains, with expiring April up $3.40. May was up $8.145 last week. The CME Feeder Cattle Index was back up $5.54 on April 16, with the average price at $293.57.

Friday afternoon’s Cattle on Feed report from USDA showed March placements up 5.08% from last year at 1.841 million head. March marketings were up 1.05% at 1.725 million head. April 1 cattle on feed inventory was down 1.59% to 11.638 million head. A breakdown on steers and heifers was released this month, with 4.38 million head of heifers in feed, which is 37.64% of the total and the lowest out of the last 5 years. 

CFTC data showed spec funds in live cattle futures and options trimming another 11,980 contracts from their net long positions as of Tuesday to 106,523 contracts. Managed money cut another 2,122 contracts from their net long in feeder cattle futures and options, to 25,915 contracts by April 15.

Friday afternoon’s USDA National Wholesale Boxed Beef report was lower, as the Chc/Sel was narrowed to $15.97. Choice boxes were $1.38 lower at $331.52/cwt, with Select down 84 cents to $315.55. Federally inspected cattle slaughter was estimated at 576,000 head last week. That was 12,000 head above the previous week but down 41,843 head from the same week last year.

Apr 25 Live Cattle  closed at $209.825, up $2.750,

Jun 25 Live Cattle  closed at $204.075, up $2.000,

Aug 25 Live Cattle  closed at $200.125, up $1.175,

Apr 25 Feeder Cattle  closed at $293.350, up $3.400,

May 25 Feeder Cattle  closed at $286.850, up $2.450,

Aug 25 Feeder Cattle  closed at $290.875, up $1.425,