Midday fat cattle futures are trading near their daily highs so far with 17 to 70 cent gains in the front months. USDA reported TX cash sales near $171 on Wednesday with $180 - $182 in NE. The Wednesday FCE auction had 828 head of feeders listed and sold 396 TX heifers, one pen for $171.50 and another for $174. Feeder cattle futures are also higher with 2 to 45 cent gains so far. The May contract expires at the close. The CME Feeder Cattle Index was 60 cents higher on 5/23 to $207.36.
The weekly Export Sales report showed 18,256 MT of beef was booked during the week that ended 5/18. That was a 3-week high, but 9% below the same week last year. Exports were 16,518 MT led by shipments to South Korea and Japan. The accumulated beef export reached 317,144 MT.
Monthly NASS data showed 448m lbs of beef in cold storage for April. That was a 6.3% decline month/month and was 4.4% below April ’21.
USDA’s Wholesale Boxed Beef report had Choice 64 cents higher and Select $1.14 higher for a $14.01 spread. USDA estimates the week to date FI cattle slaughter at 377k head, compared to 379k last week and 375k during the same week last year.
Jun 23 Cattle are at $166.900, up $0.800,
Aug 23 Cattle are at $164.500, up $0.375,
Oct 23 Cattle are at $168.800, up $0.425,
Cash Cattle Index was $170.000, from $170.00 last week
May 23 Feeder Cattle are at $209.050, up $0.075
Aug 23 Feeder Cattle are at $234.550, up $0.025
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.