Friday’s triple digit fade has the front month cattle futures back to a net loss on the weekly chart so far. USDA confirmed 59k head of cash cattle sold on Thursday from $187 to $191.50. The bulk of action in the South was +$2 near $188, and the bulk in the North was close to $190. Midday feeders are 0.9% to 1.1% in the red with triple digit losses of as much as $2.80. That has the April contract back to a net 30c loss for the week. The CME Feeder Cattle Index was another 41 cents higher on 3/20 to $251.82.
Traders are looking for NASS to show March 1 on feed at 11.79m head, which would be 0.9% above last year if realized. Estimates for February placements range from a 4.5% increase to an 8.8% increase vs. Feb ’23. Feb marketings are expected to come in 3.8% over last year on average. The COF report release will be out this afternoon.
There was a fire reported in a 6k head/day National Beef packing plant in KS today. Operations are expected to resume next week.
USDA’s Wholesale Boxed Beef prices were mixed on Friday morning as Choice fell $2.18 though Select was up by 99 cents. USDA reported the week’s FI cattle slaughter at 475k head through Thursday, a 2k head lead over last week’s pace but trailing the 504k head during the same week last year.
April 24 Cattle are at $187.600, down $0.775,
Jun 24 Cattle are at $183.450, down $1.050,
Aug 24 Cattle are at $182.150, down $1.125,
Cash Cattle Index was $186.000, from $185.00 last week
Mar 24 Feeder Cattle are at $250.425, down $0.450
April 24 Feeder Cattle are at $251.925, down $2.700
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