After printing midday gains, fat cattle futures closed mixed and within 50 cents of UNCH on Thursday. April contracts were the outlier, ending the session $1 higher to narrow the June/April spread to 87 cents. Cash trade so far for the week has been $120-$123. Feeder cattle futures ended the Thursday session $0.27 to $1.07 in the red. The CME Feeder Cattle Index was up 28 cents on 4/6 at $139.98.
Wholesale Boxed Beef prices continued the climb, tightening the Chc/Select spread to $6.67. Select boxes were a sharp $8.64 cwt. higher, while Choice boxes were also $4.19 higher. USDA estimates the week’s running FI cattle slaughter through Thursday at 464,000 head. That is down 7,000 wk/wk but up from 411k LY.
Apr 21 Cattle closed at $124.150, up $1.000,
Aug 21 Cattle closed at $124.025, down $0.100,
Apr 21 Feeder Cattle closed at $147.125, down $0.500
May 21 Feeder Cattle closed at $151.600, down $1.075