Cattle are trading off their session lows, but were down by over $5 earlier in the session. Feeders are also down by triple digits with May down by as much as $4.32. USDA had last week’s cash trade as mostly near $188 in the South and mostly near $190 in the North. The 3/22 CME Feeder Cattle Index was $251.70, a 32 cent increase.
NASS Cold Storage data showed 442.75 million lbs of beef was in the freezer in Feb. That was a 6% drop from Jan stocks and was the tightest February supply since 2014.
USDA’s Wholesale Boxed Beef prices were 37 cents stronger for Choice on Tuesday morning and was $1.52 weaker for Select. Monday’s FI cattle slaughter was 118k head, which starts the week 2000 behind last week and 6000 head behind the same week last year.
April 24 Cattle are at $184.075, down $2.125,
Jun 24 Cattle are at $179.275, down $2.325,
Aug 24 Cattle are at $177.100, down $2.875,
Cash Cattle Index was $188.000, from $185.40 last week
Mar 24 Feeder Cattle are at $247.650, down $1.800
April 24 Feeder Cattle are at $246.050, down $4.400
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