Live cattle futures posted 65 cent to $2.15 gains on Thursday, with April $7.70 higher on the week. Thursday’s open interest was down 3,156 contracts, mainly in the April contract. Cash trade took off last week, with sales at $245-246 across the country, up $8-10 from the previous week. The Thursday morning Fed Cattle exchange showed no sales on the 1,016 head offered, with limited bids of $238-239.50. Feeder cattle futures were $2.15 to $2.77 cents in the green at the close, as May was up $11.45 this week. The CME Feeder Cattle Index was down 1 cent to $366.81 on April 1.
The JBS strike in Greeley, Colorado is expected to conclude on Monday, with workers coming back on Tuesday as negotiations are still ongoing.
Census data converted to a carcass basis showed beef exports at 183.6 million pounds in February, a 10-year low for the month and 6% below January.
CFTC data from Friday showed managed money at a net long of 123,742 contracts in live cattle futures and options as of March 31, a 12,833 contract increase on the week. Specs in Feeder cattle futures and options added 2,301 contracts to their net long to 20,111 contracts.
Wholesale Boxed Beef prices were lower in the Friday afternoon report, with the Chc/Sel at $1.59. Choice boxes were down $1.80 to $387.78, while Select was $1.51 lower at $386.19. USDA estimated federally inspected cattle slaughter for last week at 533,000 head. That is up 10,000 head from last week but 53,034 head below the same week last year.
Apr 26 Live Cattle closed at $246.200, up $2.150,
Jun 26 Live Cattle closed at $246.325, up $1.975,
Aug 26 Live Cattle closed at $242.175, up $1.500,
Apr 26 Feeder Cattle closed at $372.900, up $2.150,
May 26 Feeder Cattle closed at $370.625, up $2.625,
Aug 26 Feeder Cattle closed at $369.500, up $2.650,
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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