Cattle Futures Market Cautious Ahead of COF Report
BRUG - Thu Apr 18, 12:13PM CDT

Live cattle futures are mostly 10 to 80 cents lower ahead of the monthly USDA Cattle on Feed report. April is the exception, up $1.10 at midday on strength in the cash cattle market. Feeder cattle futures are anywhere from 27 lower to 40 higher at midday, with the late year contracts seeing most of the selling interest. The CME feeder cattle index was up 12 cents on April 16 at $143.58. Wholesale boxed beef prices were mixed. Choice boxes were up 45 cents at $233.21, with Select boxes $.65 lower at $219.51. USDA estimated week to date FI cattle slaughter at 363,000 head through Wednesday. That would be 3,000 larger than last week and 7,000 head above the same week a year ago. Cash trade has been mostly $126 in the south, with $208 starting to show up in the north. Both are $2 or more above week ago. USDA weekly beef export sales were much improved at 28,800 MT, mostly to South Korea and Japan. Traders expect the USDA Cattle on Feed report to show March placements were about 3% larger than year ago, with April 1 On Feed at 101.7% of 2018.

Apr 19 Cattle are at $128.025, up $1.100,

Jun 19 Cattle are at $122.275, down $0.100,

Aug 19 Cattle are at $119.400, down $0.150,

Apr 19 Feeder Cattle are at $145.700, up $0.375

May 19 Feeder Cattle are at $150.975, up $0.375

Aug 19 Feeder Cattle are at $160.475, up $0.025

---provided by Brugler Marketing & Management

Market Commentary provided by:

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