Cattle Rally on Wednesday
Live cattle futures posted Wednesday gains of $2 to $2.30 in the nearbys. Cash business has been relatively quiet this week, with some $212 bids showing in in NE. The Wednesday morning Central Stockyards Fed Cattle Exchange online auction saw no sales on the 1,628 head offered, with bids running $202-205. Feeder cattle posted marginal gains on Wednesday, up 57 cents to $1.90 at the close. The CME Feeder Cattle Index was back down 4 cents on April 15, with the average price at $288.03. The markets will be closed for Good Friday, with Thursday trade rounding out the week
Thursday afternoon’s Cattle on Feed report from USDA is expected to show March placements up 3.4% from a year ago, with Marketings up 0.7%. April 1 cattle on feed inventory is estimated to be down 1.8% from last year.
The Wednesday afternoon National Wholesale Boxed Beef prices were lower, as the Chc/Sel was narrowed to $19.14. Choice boxes were $1.90 lower at $333.53/cwt, with Select down 85 cents to $314.39. Wednesday’s Federally inspected cattle slaughter was estimated at 123,000 head, with the weekly total at 357,000. That was 8,000 head above the previous week but down 11,140 head from the same week last year.
Apr 25 Live Cattle closed at $207.075, up $2.275,
Jun 25 Live Cattle closed at $202.075, up $2.275,
Aug 25 Live Cattle closed at $198.950, up $2.100,
Apr 25 Feeder Cattle closed at $289.950, up $0.575,
May 25 Feeder Cattle closed at $284.400, up $1.875,
Aug 25 Feeder Cattle closed at $289.450, up $1.200,
On the date of publication, Austin Schroeder 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.