Live cattle futures posted gains of 77 cent to $1.27 at the Thursday close. Open interest was down 2,189 contracts on Thursday, suggesting some modest short covering. Cash trade saw some light trade at $246 in the South, steady to up $1 from last week. The Thursday morning Central Stockyards Fed Cattle Exchange online auction saw $244-244.50 bids, though no sales on the 970 head offered. Feeder cattle futures found strength into Thursday’s close, with gains of $1.85 to $2.60 across the board. The CME Feeder Cattle Index was back down 45 cents to $364.10 on April 8.
USDA’s Export Sales report showed 17,408 MT of beef sold in the week of 4/2, the third largest so far in the calendar year. South Korea and Japan were the largest buyers of 6,100 MT each. Shipments were the lowest in 4 week at 13,321 MT. The largest destination was South Korea at 4,600 MT, with 3,800 MT to Japan.
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Wholesale Boxed Beef prices were mixed in the Thursday afternoon report, with the Chc/Sel still at an inverted 48 cents. Choice boxes were up $1.43 to $31.09, while Select was 70 cents lower at $381.57. USDA estimated federally inspected cattle slaughter for Thursday at 105,000 head, with the weekly total at 425,000. That was down 4,000 head from last week and 38,950 head below the same week last year.
Apr 26 Live Cattle closed at $249.775, up $0.775,
Jun 26 Live Cattle closed at $247.200, up $1.275,
Aug 26 Live Cattle closed at $243.350, up $0.925,
Apr 26 Feeder Cattle closed at $372.525, up $1.850,
May 26 Feeder Cattle closed at $370.425, up $2.425,
Aug 26 Feeder Cattle closed at $370.125, up $2.175,
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.
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