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Cattle Market Trading Lower

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Cattle futures are $2.17 to $2.60 lower at midday with April only at $105.85 vs. cash as high as $120.50. Feeder cattle futures are trading triple digits lower at midday. On the last trading day for March feeders they are down $1.17 to $130.90 (and still expecting a big pop in the CME Index). The March 24th CME Feeder Cattle Index was $5.21 higher to $123.44. USDA’s weekly Export Sales report showed 14,501 MT of beef booked on the week ending 03/19. That was 11.53% higher than beef sales from the same week last year. YTD beef exports total 193,603 MT, which is 30.5% above last year’s pace. USDA reported some Wednesday cash trades in the South and NE at $119 - $120, with the bulk at $120. Wholesale boxed beef prices were lower this morning, with the Chc/Sel spread tighter to $11. Choice boxes were $1.86 lower, and Select boxes were down by $0.65. Estimated cattle slaughter under federal inspection is at 361,000 head through Wednesday. That is 2,000 head above both last week, and the same week last year’s pace.

Apr 20 Cattle are at $105.850, down $2.600,

Jun 20 Cattle are at $94.000, down $2.325,

Aug 20 Cattle are at $95.000, down $2.175,

Mar 20 Feeder Cattle are at $130.900, down $1.175

Apr 20 Feeder Cattle are at $125.800, down $2.925

May 20 Feeder Cattle are at $125.550, down $3.550

--- provided by Brugler Marketing & Management

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