Live cattle futures are up $1.22 to 1.40 so far on Friday. A few cash sales in the north have been reported at $215-220 this week, with most on the higher side of that range, and $224 in the South. The Friday morning Fed Cattle Exchange online auction showed no sales on the 1,668 head with bids of $218-220 live. Feeder cattle futures are 27 cents to $1.60 higher at midday. The CME Feeder Cattle Index was up $1.14 to $341.16 on November 19.
Late on Thursday, President Trump removed the 40% tariff on Brazilian beef imports (now at 26.4% with the active tariff rate quota), retroactive to November 13.
A Reuters survey of analysts is looking for October placements to be tallied 7.9% below last year, with marketings seen down 7.6%. November 1 on feed is seen 2.2% below last year. The report will be released this afternoon.
USDA reported Wholesale Boxed Beef prices higher in the Friday AM report, with the Chc/Sel spread narrowing to $13.19. Choice boxes were up 33 cents to $371.61, while Select was $4.24 higher at $358.42. USDA federally inspected cattle slaughter for Thursday was estimated at 120,000 head, with the weekly total at 477,000 head. That 6,000 head above last week but 22,435 head below the same week last year.
Dec 25 Live Cattle are at $216.025, up $1.300,
Feb 26 Live Cattle are at $216.625, up $1.225,
Apr 26 Live Cattle are at $216.975, up $1.400,
Jan 26 Feeder Cattle are at $316.650, up $0.275
Mar 26 Feeder Cattle are at $309.825, up $1.275
Apr 26 Feeder Cattle are at $308.125, up $1.575
