Live cattle futures are fading back lower at midday as traders give back early strength in position ahead of the monthly Cattle on Feed report. Contracts are down 35 to 90 cents, with exception to April which is being held up by cash. This morning’s Fed Cattle Exchange online auction showed sales on 490 of the 980 head listed at $210-210.50. Outside of that, cash trade has gotten kicked off at $210 in the South today, with Northern action at $212 to $214. That is up from $203 in the South last week and $206 in the North. Feeder cattle futures are down 55 cents to $1.75 at midday. The CME Feeder Cattle Index was back up $0.54 on March 18, with the average price at $284.65.
Ahead of this afternoon’s Cattle on Feed report, analysts estimate to see February placements down 14% from last year on average, with Feb marketings down 8.1%. Last year included 1 more day. March on feed data is expected to total 98.3% compared to the level last year.
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USDA’s National Wholesale Boxed Beef report was higher on Friday morning, as the Chc/Sel is at $19.53. Choice boxes were up 34 cents to $329.95/cwt, with Select $1.74 higher at $310.52. Thursday’s Federally inspected cattle slaughter was estimated at 114,000 head by USDA, with the week to date total at 440,000 head after a revision for Wednesday. That is 43,000 head below the previous week, and down 30,673 from the same week last year.
Apr 25 Live Cattle are at $208.700, up $0.225,
Jun 25 Live Cattle are at $204.675, down $0.350,
Aug 25 Live Cattle are at $201.000, down $0.825,
Mar 25 Feeder Cattle are at $287.800, down $0.550
Apr 25 Feeder Cattle are at $287.025, down $1.425
May 25 Feeder Cattle are at $287.375, down $1.725
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