Weak Corn May Extend Cattle Bounce

Overnight the feed grain row crops turned south, which could firm the cattle market on Tuesday. Live cattle futures recovered on Monday, ending the session with triple digit gains of as much as $2.12. Feeder cattle futures were also higher, having bounced $1.47 to $2.55. The bulk of cash trade last week was $140 with some up to $143, though a few fats also exchanged hands at $138 on Friday. The CME Feeder Cattle Index from 3/3 was $1.59 weaker at $156.19.

Wholesale Boxed Beef prices for Monday afternoon were back up by 38 cent in Choice and $1.81 in Select. USDA estimates FI cattle slaughter was 125,000 head on Monday. That is up from 122k last week and from 120k head during the same Monday last year. 

Apr 22 Cattle  closed at $137.900, up $2.125,

Aug 22 Cattle  closed at $135.300, up $1.150,

Mar 22 Feeder Cattle  closed at $154.600, up $1.475

Apr 22 Feeder Cattle  closed at $159.675, up $2.425