Cattle Bounce Back from Wednesday’s Overreaction
Live cattle had a back and forth trade on Thursday but settled near the highs with $1.60 to $2.67 gains. Cash trade kicked off with a steady/higher note this week, as the South was at $182 in TX and $182-183 in KS, even to $1 above a week ago. Northern trade was reported at $184-185, $1-2 Higher on the week. Feeders posted positive trade action, up $1.65 to $2.25 at the close. The CME Feeder Cattle index was back up $2.51 on April 24 to $245.15.
Export Sales data released this morning showed 15,210 MT of beef sold for 2024 delivery in the week of 4/18. Actual shipments were 13,817 MT, a 3-week low.
USDA’s Wholesale Boxed Beef prices were mixed in the Thursday afternoon report. Choice boxes were $1.18 higher to $296.92, with Select down 76 cents at $289.66. That took the Chc/Sel spread back up to $7.26. USDA estimated cattle slaughter at 125,000 head for Thursday, taking this week’s total to 488,000 head. That was up 1,000 head from the previous week and 10,788 head below the same week last year.
Apr 24 Live Cattle closed at $183.950, up $1.850,
Jun 24 Live Cattle closed at $177.800, up $2.550,
Aug 24 Live Cattle closed at $176.050, up $2.675,
Apr 24 Feeder Cattle closed at $244.875, up $1.775,
May 24 Feeder Cattle closed at $246.250, up $2.150,
Aug 24 Feeder Cattle closed at $258.300, up $2.000,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.