Live cattle futures failed to hold the early strength on Monday, with contracts down 30 cents to $1.05 on the day. Cash trade was on the move late last week, up $7-8 to $210 in the South and $212-216 in the North. Feeder cattle futures were mixed, with contracts anywhere from up 27 cents to 25 lower in the nearbys on Monday. The CME Feeder Cattle Index was back down 79 cents on March 21, with the average price at $286.99. The Monday OKC feeder cattle auction has an estimated 6,500 head for sale, even with the same week last year. Sales were $4-8 higher for steers, with heifers up $3 to $12.
The monthly Cattle on Feed report showed February placements at 1.554 million head, down 17.78% from last year and below the average trade estimate. Feb marketings were down 8.92% at 1.663 million head. March 1 on feed data came in at 11.577 million head, down 2.2% compared to the level last year and below estimate of a 1.7% decline.
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Monday afternoon’s National Wholesale Boxed Beef report from USDA was back higher, as the Chc/Sel narrowed to at $13.52. Choice boxes were up $1.65 to $327.10/cwt, with Select $3.96 higher at $313.58. Monday’s Federally inspected cattle slaughter was estimated at 119,000 head by USDA. That is 5,000 head above the previous Monday and up 1,826 head from the same Monday last year.
Apr 25 Live Cattle closed at $205.900, down $1.050,
Jun 25 Live Cattle closed at $202.150, down $0.625,
Aug 25 Live Cattle closed at $199.050, down $0.300,
Mar 25 Feeder Cattle closed at $286.600, up $0.125,
Apr 25 Feeder Cattle closed at $285.250, up $0.275,
May 25 Feeder Cattle closed at $284.850, down $0.250,
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.
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