Front month fat cattle futures were down by $0.90 to $1.25 across the front month futures. Feeders were $1.07 to $2.20 weaker across the nearbys leaving May $$3.90 lower for the week. 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.
The Commitment of Traders data had live cattle spec traders adding new longs and growing their net long to 59,364 contracts. The specs were 11,527 contracts net long in feeder cattle – their strongest position since September.
USDA’s Quarterly beef production outlook lowered Q1 by 120m lbs to 6.6 billion, while Q2 was raised by 145m to 6.685b. Overall beef production for the year was upped 140m lbs to 26.325 billion, though is still 638m lbs tighter yr/yr.
USDA’s Wholesale Boxed Beef prices were firmer as Choice was 43 cents higher 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 $187.600, down $1.125,
Jun 24 Cattle closed at $183.425, down $1.175,
Aug 24 Cattle closed at $182.250, down $1.250,
Mar 24 Feeder Cattle closed at $249.200, down $1.825
Apr 24 Feeder Cattle closed at $254.100, down $2.200
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