Cattle Complex Working Higher
Alan Brugler - Barchart - Wed May 05, 4:45PM UTC
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After losses to start the week, midweek trading has fat cattle futures 90 cents to $1.17 higher. This morning’s online FCE auction sold 1,091 of the 1,683 head listed for a wtd average price of $118.65. Sales were between $117.75 and $119. Cash trades outside of the FCE remain light, but mostly $118-$119 so far. Feeders are trading 47 cents to 85 cents higher so far. The 5/3 CME Feeder Cattle Index was back up by 13 cents to $132.76.     

Official US beef exports in March were reported at 300m lbs. That was a new record for the month of March and a new all time high for any month, beating out 288.2m lbs shipped in August of 2018. Japan was the top destination for the month’s beef exports, though shipments to Japan were down 12.2% yr/yr. China was the 3rd largest destination, but March beef exports to China were a new record for any month of 43.1m lbs. 

Wholesale Boxed Beef prices were again stronger this morning with Choice $3.95 higher to $305.17 and Select up by $3.14. USDA estimated FI cattle slaughter for Tuesday at 121,000 head. WTD kill is 235,000, which is down 3,000 head from last week’s pace.    

Jun 21 Cattle  are at $113.875, up $0.850,

Oct 21 Cattle  are at $122.550, up $0.800,

May 21 Feeder Cattle  are at $130.500, up $0.750

Aug 21 Feeder Cattle  are at $143.700, up $0.525



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