Live cattle futures led the way higher with 0.6% to 0.7% gains across the front months and a $1.47 rally for April. That has the lead month at a net 27c gain for the week’s move. Feeder cattle also closed in the black, though the gains were limited to 75 cents across the front months. Cash cattle sales picked up on Thursday, from $182 to $186. USDA had the bulk of prices $1 to $2 above last week. The CME Feeder Cattle Index was $1.17 higher at $248.07 on 3/6.
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’s Wholesale Boxed Beef report showed Choice was $1.70 stronger and Select was up by $1.17. USDA’s FI cattle slaughter was marked at 484k head for the week through Thursday. That compares to 495k head last week and 501k head during the same week last year.
Apr 24 Cattle closed at $188.725, up $1.475,
Jun 24 Cattle closed at $184.600, up $1.325,
Aug 24 Cattle closed at $183.500, up $1.100,
Mar 24 Feeder Cattle closed at $251.025, up $0.000
Apr 24 Feeder Cattle closed at $256.300, up $0.425
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