Fat cattle futures were 25 cents to $1.05 higher across the front months. April gapped higher at the open and traded from +13 to +92 cents for the day. Short covering was noted, with preliminary open interest dropping 3,502 contracts on the day. Nearby feeders were $1.30 to $2 stronger on the day. USDA reported cash trade near $187 for Thursday citing the week’s bulk near $186-$187. The CME Feeder Cattle index for 43 was $2.17 stronger to $249.90.
The monthly Census data had Feb beef shipments at 244.1 million lbs vs 232.6m in Jan and 250.8m in Feb ’23. Accumulated shipments were at 477m lbs for the first two months.
USDA’s Wholesale Boxed Beef prices were $4.15 weaker in Choice on Thursday and were 87 cents lower in Choice. USDA’s FI cattle slaughter estimate for the week through Thursday was 474,000 head, compared to 483k head last week and 492k head during the same week last year.
Apr 24 Cattle closed at $181.475, up $0.550,
Jun 24 Cattle closed at $175.850, up $0.250,
Aug 24 Cattle closed at $173.325, up $0.625,
Apr 24 Feeder Cattle closed at $242.700, up $1.750
May 24 Feeder Cattle closed at $243.875, up $1.300
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.
