Cattle Continue to See Weakness at Midday

Live cattle futures are mostly 25 to 80 cents lower on Wednesday. Feeder cattle futures are trading 80 cents to $1.10 lower at midday, with soon to expire May up 35 cents. The CME feeder cattle index was up 43 cents to $132.25 on May 20. Wholesale boxed beef prices were steady to higher on Wednesday morning. Choice boxes were up $1.01 at $220.59 with Select boxes UNCH @ $206.58. USDA estimated this week’s FI cattle slaughter at 240,000 head through Tuesday. That was down 2,000 head from last Monday and even with the same week last year. A few cash sales of $115 have been reported in the South so far on Wednesday. FCE saw no sales on the 308 head offered, with most asks at $116. Friday’s Cattle on Feed report is expected to show May 1 on feed numbers up about 2.9% (average of traders surveyed) from a year ago at 11.893 million head.

Jun 19 Cattle closed at $110.575, down $0.275,

Aug 19 Cattle closed at $107.825, down $0.450,

Oct 19 Cattle closed at $107.675, down $0.625,

May 19 Feeder Cattle closed at $134.725, up $0.350

Aug 19 Feeder Cattle closed at $142.200, down $0.800

Sep 19 Feeder Cattle closed at $143.325, down $0.850

--provided by Brugler Marketing & Management

Market Commentary provided by:

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