Front month live cattle futures are trading down by 15 cents in April to $1.65 cents for the other nearbys. Thursday cattle traded hands from $123 - $125 according to USDA, but the bulk of cash sales for the week were $122 - $123. Feeder cattle futures are $1.52 to $2.35 in the red so far. The CME Feeder Cattle Index was up 28 cents on 4/6 at $139.98.
USDA shifted quarterly beef production, decrease Q1 and Q2 by a combined 95m lbs, but increasing Q3 and Q4 production by 90 and 65 million respectively. On net, 2021 beef production was forecasted 60m lbs higher to 27.640 billion lbs.
Wholesale Boxed Beef prices were higher again in the AM report with a $1.33 increase to $271.82 cwt, and Select boxes were 72 cents higher to $264.55. 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 are at $124.000, down $0.150,
Aug 21 Cattle are at $122.700, down $1.325,
Apr 21 Feeder Cattle are at $144.775, down $2.350
May 21 Feeder Cattle are at $149.350, down $2.250