Cattle at Day’s Highs with Triple Digit Gains for Midday

Cattle futures are trading $0.62 to $1.12 higher led by the April and June contracts – both of which are at their day session’s high for the midday prints. Feeder cattle are trading mixed on the midday board with futures 10 to 32 cents weaker in the nearbys but 22 to 25 cents higher in the deferreds. USDA reported some more light action near $183 on Wednesday, though a trend is mostly unestablished for the week. The 3/5 CME Feeder Cattle Index fell 20 cents to $246.90. 

Weekly Export Sales data showed 14k MT of beef was booked during the week that ended 2/29. That was a 3-wk high and was +73% vs the same week last year. USDA’s FAS had South Korea and Japan as the top buyers for the week. South Korea Beef exports during the week were 15,960 MT, bringing the yearly total to 133.3k MT. 

Brazil’s Feb beef shipments were 179k MT, which was a 42% increase from Feb ’23. 

USDA cited Wholesale Boxed Beef prices at $304.91 in Choice and $295.09 in Select on Wednesday afternoon; those were 12c and 22c stronger respectively. USDA saw the week’s FI cattle slaughter at 362k head through Wednesday. That compares to 372k head last week and was 13.6k head behind the same week last year’s pace. 

April 24 Cattle  are at $188.275, up $1.025,

Jun 24 Cattle  are at $184.200, up $0.925,

Aug 24 Cattle  are at $183.150, up $0.750,

Cash Cattle Index was $181.840, from $181.84 last week

Mar 24 Feeder Cattle  are at $250.600, down $0.425

April 24 Feeder Cattle  are at $255.625, down $0.250

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