Cattle Firm Back Up on Turnaround Tuesday
After seeing the lowest prices since January in H5N1 selling, the cattle market rebounded by $0.77 to $1.70 on Turnaround Tuesday. That has the April contract at a net $3.22 loss for the week through the first two sessions. Feeder cattle futures were also back up by triple digits with $2.17 to $3.07 recoveries on Tuesday. Confirmed cash trade remains unestablished through Tuesday. USDA reported cash trade last week from $184 to $191, with the bulk of sales near $186 in the South and near $189-$190 in the North. USDA’s OKC Feeder Cattle Auction Review had 3,148 head sold with prices up by $4-$8 in the heifers. Heifer sales made up 44% of the total, and 63% of the total sale were +600lbs. CME’s Feeder Cattle index increased 60 cents to $248.27 on 4/1.
USDA’s Wholesale Boxed Beef prices weaker on Tuesday with Choice down by $1.58 to $304.16 and Select was $2.80 weaker to $298.99. USDA reported the Tuesday FI cattle slaughter at 120k head, setting the week’s running total at 229k head. That compares to 243k last week and to 245k head during the same week last year.
April 24 Cattle are at $181.775, up $1.700,
Jun 24 Cattle are at $176.375, up $1.050,
Aug 24 Cattle are at $173.125, up $1.025,
Cash Cattle Index was $184.000, from $188.00 last week
April 24 Feeder Cattle are at $243.500, up $3.075
May 24 Feeder Cattle are at $244.850, up $2.175
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.