Bouncing Back

Midday trading sees cattle prices making a strong recovery, up by 50 cents to $1.45, following a shaky start to the week. Feeders are also on the rise, currently showing an increase of 72 to $1.32. In a notable shift, USDA’s OKC Feeder Cattle Auction Review reports feeders selling $3 to $6 higher, moving 8.5k head. Calves saw an even bigger upturn with prices reported up to $10 stronger in this week’s sale. Meanwhile, USDA confirmed light Friday cash action near $183-$184, mirroring the trend for the week’s most part. The CME Feeder Cattle Index stood at $246.38 on 3/1.

Market Update

Boxed Beef prices saw a mixed performance in the morning, with Choice receding by $1.14 cwt and Select showing a 28 cents surge. USDA’s latest figures show FI cattle slaughter at 116k head, down from 122k head last week and 124.6k during the equivalent Monday last year.

Current Price Snapshot:

April 24 Cattle at $188.100, up $1.425

Jun 24 Cattle at $183.475, up $0.900

Aug 24 Cattle at $182.700, up $0.775

Mar 24 Feeder Cattle at $252.250, up $0.700

April 24 Feeder Cattle at $257.175, up $1.425