Live cattle are resuming the collapse after some recovery earlier this week, as cotnracts are now down $2 to $3.50 at midday. No delivery notices were issued against April futures on Thursday. A little cash trade was reported on Thursday with light volume @ $182 in the South, a $2 drop on the week. Northern action has been weaker, with light trade at $293-295 in the beef (down $2-3). Feeders are heading lower as well, with futures down anywhere from $1.55 to $4 on the day.  The CME Feeder Cattle index on April 10th was down another $1.85 to $243.64. 

Another case of HPAI was picked up in a South Dakota dairy herd, now spreading to 8 states and is likely sending more longs for the exits amid consumer perception and headline risks.

USDA’s Wholesale Boxed Beef prices were back higher in the Friday AM print. Choice was up $2.07 to $300.44, with Select $1.13 at $296.28. That widened the Chc/Sel spread a little to $4.16. Estimated cattle slaughter was pegged at 124,000 head for Thursday by the USDA, taking the week to date total to 482,000 head. That was an 8,000 head increase from the previous week and is now down 3,574 head from the same week last year. 

Apr 24 Live Cattle  are at $177.475, down $2.775,

Jun 24 Live Cattle  are at $170.500, down $3.400,

Aug 24 Live Cattle  are at $168.150, down $3.300,

Apr 24 Feeder Cattle  are at $237.625, down $1.550

May 24 Feeder Cattle  are at $234.150, down $4.000

Aug 24 Feeder Cattle  are at $245.050, down $3.900


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