The bearish CoF placements from Friday’s report will drive initial action on Monday. Front month fat cattle futures went into the weekend mostly higher. The December contract was 7 cents lower at the bell, as the nearby months added 15 to 80 cents to the upside. Feeder cattle futures, on the other hand, were down by triple digits on Friday closing $1.15 to $1.17 in the red. For the week, April fats finished 3 cents below last Friday while April feeders were down by 75 cents. Cash trade was fairly light this week, though mostly at $138. The 3/24 CME Feeder Cattle Index was 13 cents higher to $154.82.
NASS saw 12.163m head of cattle in 1,000+ head capacity feedlots on March 1. That was up 1.36% from March inventory in 2021 – above the average trade guess. February marketings pulled 1.825m head off the Feb 12.199m head inventory, though the 1.848m head placed offset (aside from the 59k disappearance). Placements had been believed to be 6.3% above Feb 2021, with the highest estimate expecting a 9.8% increase. NASS data showed they were actually up 9.3%. Marketings were up 5% yr/yr in the COF report, compared to the 4.3% increase expected.
USDA quoted Wholesale Boxed Beef prices as $262.64 for Choice and $252.14 for Select. That was a 23 cent increase and a 45 cent decrease respectively. USDA estimates FI cattle slaughter for the week through Saturday at 659k head. That is up 15k from last week and 10k head yr/yr. The full year estimated slaughter is 7.756m head, which just surpassed last year’s pace by 2,000.
Apr 22 Cattle closed at $140.475, up $0.800,
Aug 22 Cattle closed at $138.125, up $0.425,
Apr 22 Feeder Cattle closed at $161.575, down $1.150
May 22 Feeder Cattle closed at $165.325, down $1.175
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