Feeder Cattle Futures Market News and Commentary
Live cattle ended the session ~40 cents off their highs on $0.60 to $1.82 gains. The June contract flipped back to net positive for the week’s net move after fading Monday and Tuesday, and saw a new LoC high. USDA reported TX cash sales near $171 on Wednesday with $180 - $182 in NE. The Wednesday FCE auction had 828 head of feeders listed and sold 396 TX heifers, one pen for $171.50 and another for $174.
The front month feeder cattle futures market was $0.87 to $1.17 higher on Wednesday. The CME Feeder Cattle Index was 60 cents higher on 5/23 to $207.36.
Monthly NASS data showed 448m lbs of beef in cold storage for April. That was a 6.3% decline month/month and was 4.4% below April ’21.
USDA’s Wednesday Wholesale Boxed Beef quotes were $298.30 cwt. for Choice and $283.79 for Select. That was a $2.44 drop for Choice and a $2.51 increase for Select, tightening the Chc/Sel spread to the lowest since April 19th. Choice ribs were $425.35 and Select ribs were quoted... Read more