Live cattle posted triple digit gains on Tuesday, with April back above $180. Monday was first notice day for April live cattle, with no deliveries issued, and none expected as long as futures are below cash. Last week’s cash action was in the $183-184 range for the south and $187-189 in the North. Most of this week’s action has been compiling showlists, with 751 head listed for the Wednesday Fed Cattle Exchange electronic auction.
Feeder cattle also posted triple digit gains yesterday, led by May with a $2.27/cwt advance. The CME Feeder Cattle index on April 8th was down $2.79 to $245.83.
In a Tuesday USDA press release the agency indicated they will not be releasing a July Cattle Inventory report this year due to budgetary issues (lack of a new Farm Bill).
USDA’s Wholesale Boxed Beef prices were mixed in the Tuesday PM report. Choice was up just 2 cents to $302.09, with Select 37 cents lower at $299.90. The Chc/Sel spread is still unseasonably tight at just $2.19. Estimated cattle slaughter was pegged at 125,000 head for Tuesday by the USDA, taking the week to date total to 246,000 head. That was a 17,000 head increase from the previous week and up 10,179 head from the same week last year.
Apr 24 Cattle closed at $180.700, up $1.300,
Jun 24 Cattle closed at $174.850, up $1.525,
Aug 24 Cattle closed at $172.550, up $1.650,
Apr 24 Cattle closed at $240.700, up $1.400,
May 24 Cattle closed at $239.450, up $2.275,
Aug 24 Cattle closed at $250.100, up $1.850,
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