Live cattle were retreating from early week strength on Wednesday, with contracts down $1.15 to $2. There have yet to be any deliveries against April live cattle, with the oldest long from September 22. Cash trade has yet to kick off this week, with Wednesday’s Fed Cattle Exchange online auction showing no sales on the 1,502 head, with bids ranging from $182-182.50 and asks in the $184-186 range. Last week’s cash action was in the $183-184 range for the south and $187-189 in the North. Feeders were the leaders, with losses of $2.42 to $3.02. The CME Feeder Cattle index on April 8th was down another 34 cents to $245.49.
USDA’s Wholesale Boxed Beef prices were back lower in the Wednesday afternoon report. Choice was down $3.86 to $298.23, with Select $3.88 lower at $296.02. The Chc/Sel spread is still unseasonably tight at just $2.21. Estimated cattle slaughter was pegged at 112,000 head for Tuesday by the USDA, taking the week to date total to 358,000 head. That was a 6,000 head increase from the previous week and is now down 2,701 head from the same week last year.
Apr 24 Live Cattle closed at $179.075, down $1.625,
Jun 24 Live Cattle closed at $172.850, down $2.000,
Aug 24 Live Cattle closed at $170.650, down $1.900,
Apr 24 Feeder Cattle closed at $238.275, down $2.425,
May 24 Feeder Cattle closed at $236.525, down $2.925,
Aug 24 Feeder Cattle closed at $247.600, down $2.500,
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