Cattle Futures Bounce, Halting Multi-Day Slide

Live cattle futures pulled back from the triple digit midday gains, but still closed $0.22 to $1.45 higher, ending an 8 session draw down.  Cash trade remains unestablished for the week so far. The Central Stockyards weekly FCE auction has 4,673 head of cattle listed for today. Feeder cattle futures closed the session with $0.30 to $1.75 gains. The April 16 CME Feeder Cattle Index was down $1.55 to $140.13.     

Ahead of Friday’s CoF report, traders anticipate seeing higher marketings offset larger placements for an increase in on feed inventory compared to April ’20. The average of estimates for on feed inventory is to see 6.1% above 2020- or ~11.986m head.

USDA’s reported Wholesale Boxed Beef prices at $278.26 for choice and $270.47 for Select. Choice ribs were quoted at $487.71, and Select ribs were $434.72. USDA estimated the Tuesday cattle slaughter under federal inspection at 121,000 head. That leaves the WTD slaughter at 240k head, which is up 12,000 head wk/wk.

Apr 21 Cattle  closed at $120.575, up $0.225,

Aug 21 Cattle  closed at $119.400, up $0.750,

Apr 21 Feeder Cattle  closed at $137.575, down $0.150

May 21 Feeder Cattle  closed at $142.775, up $0.300




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