On April 26, live cattle futures experienced significant losses, dropping between $2.00 and $2.25 in the front months, with April futures closing at $230.150. Open interest decreased by 1,803 contracts, and cash trade reported $372 dressed along with light sales of $235-236. During the Fed Cattle Exchange online auction, 67 of 1,790 heads sold for $236.50, with bids ranging from $233 to $235.50. Feeder cattle futures faced a decline as well, falling $4.50 to $6.60, with the March feeder cattle closing at $348.725, down $4.625.
Wholesale boxed beef prices rose in Wednesday’s afternoon report, with Choice boxes increasing by $2.03 to $396.70, while Select boxes were up $2.48 to $389.25, narrowing the Chc/Sel spread to $7.45. The USDA estimated federally inspected cattle slaughter at 106,000 head for Wednesday, bringing the weekly total to 317,000 head, which is 5,000 fewer than the previous week and 44,844 head short of the same week last year.
