Cattle Rally Continues on Thursday

Live cattle futures posted strength heading into Thursday’s close up $1.65 to $2.17. Cash trade has been slower this week following last week’s strength. This morning’s Fed Cattle Exchange online auction showed no bids/sales on the 1,258 head offered. Feeder cattle futures rallied into the close on Thursday, up $1.50 to$1.70 in the nearbys. The CME Feeder Cattle Index was back up $0.54 on March 18, with the average price at $284.65. 

Beef export sales in the week ending on May 13 were tallied at 10,173 MT, the second lowest this MY. South Korea was the largest buyer of 3,000 MT, with Japan buying 2,800 MT.  Shipments totaled 15,329 MT, which was back down from last week. Of that total, South Korea was destined for 3,900 MT, with 3,800 MT to Japan. 

Ahead of the Friday Cattle on Feed report, analysts estimate to see February placements down 14% from last year on average, with Feb marketings down 8.1%. Last year included 1 more day. March on feed data is expected to total 98.3% compared to the level last year. 

USDA’s National Wholesale Boxed Beef report from Thursday afternoon was mixed, as the Chc/Sel narrowed to $18.70. Choice boxes were down $1.55 to $328.06/cwt, with Select 68 cents higher at $309.36. Thursday’s Federally inspected cattle slaughter was estimated at 114,000 head by USDA, with the week to date total at 440,000 head after a revision for Wednesday. That is 43,000 head below the previous week, and down 30,673 from the same week last year.

Apr 25 Live Cattle  closed at $208.475, up $1.650,

Jun 25 Live Cattle  closed at $205.025, up $2.175,

Aug 25 Live Cattle  closed at $201.825, up $1.750,

Mar 25 Feeder Cattle  closed at $288.350, up $1.525,

Apr 25 Feeder Cattle  closed at $288.450, up $1.725,

May 25 Feeder Cattle  closed at $289.100, up $1.600,