Live cattle are down $1.27 to $1.67 so far on Wednesday. Cash trade has seen a little action at $138 in the south this week, with dressed sales of $226-227 reported in the north and live sales at $142. Wednesday’s Fed Cattle Exchange online no sales, with most asks ranging from $137.50-142 and bids hitting $136. Feeders are down 55 cents to $1.20 ate midday, with weakness in corn helping to ease losses. The CME Feeder Cattle Index was down 73 cents to $155.27 on 5/16.
Surveys ahead of Friday’s USDA Cattle on Feed report anticipate smaller April placements and marketings than a year ago, with May 1 On Feed still above 100% of last year.
Wholesale Boxed Beef prices were mixed on Wednesday morning, with Choice up 59 cents to $261.07 and Select $2.19 lower at $246.00. The Chc/Sel spread widening to $15.07. USDA estimated FI cattle slaughter at 249,000 head for the WTD through Tuesday, that is up 3,000 wk/wk and 15,000 head larger yr/yr.
Jun 22 Cattle are at $131.725, down $1.275,
Aug 22 Cattle are at $131.825, down $1.650,
Oct 22 Cattle are at $137.950, down $1.575,
May 22 Feeder Cattle are at $155.975, down $1.200
Aug 22 Feeder Cattle are at $165.750, down $1.025
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