Cattle Recovering From Wednesday’s Overreaction
Live cattle are up 80 cents to $1.12 so far at midday. A few cash sales have been reported in the South at $182 in TX and $182-183 in KS, even to $1 above a week ago. Northern trade has been unestablished, with bids of $183 reported. Feeders are trading 35 ents to $1.70 higher on the session. The CME Feeder Cattle index was back down 58 cents on April 23 to $243.64.
USDA issued an order requiring that lactating dairy cows be tested before moving across state lines on Wednesday, sending the market into a drop.
Export Sales data release 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 Thursday morning report. Choice boxes were $1.68 higher to $297.42, with Select down 42 cents at $290.00. That took the Chc/Sel spread back up to $7.42. USDA estimated cattle slaughter at 125,000 head for Wednesday, taking this week’s total to 363,000 head. That was down 6,000 head from the previous week and 12,494 head below the same week last year.
Apr 24 Live Cattle are at $182.900, up $0.800,
Jun 24 Live Cattle are at $176.050, up $0.800,
Aug 24 Live Cattle are at $174.300, up $0.925,
Apr 24 Feeder Cattle are at $244.800, up $1.700
May 24 Feeder Cattle are at $244.775, up $0.675
Aug 24 Feeder Cattle are at $256.650, up $0.350
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.