Tuesday Cash Market Sets Tone for FCE

Live cattle futures ultimately ended mid-range with 17 to 87 cent gains on Tuesday. Preliminary OI for April was down to 6,843 as of the settle. USDA reported cash cattle sales from $139 to $144 on Tuesday, with the bulk around $140. Tuesday dressed business was mainly $228. The FCE auction will begin later this morning. Feeder cattle gave back most of the midday gains on Tuesday, ultimately closing mixed on the day. May stayed $1.62 higher for the bell, though the deferreds went home 2 to 5 cents lower. The CME Feeder Cattle Index for 4/15 was $154.62, down $1.01.  

Wholesale Boxed Beef prices were lower in the PM update. Choice was down $1.15 to $269.93, and Select was 25 cents weaker to $259.21. USDA estimated Tuesday’s FI cattle slaughter at  124k head for a running total of 236,000 head for the week. That is down due to a post Easter Monday kill of 112k. 

Apr 22 Cattle  closed at $141.350, up $0.875,

Jun 22 Cattle  closed at $136.575, up $0.775,

Aug 22 Cattle  closed at $138.175, up $0.800,

Apr 22 Feeder Cattle  closed at $156.650, up $0.875

May 22 Feeder Cattle  closed at $160.775, up $1.625