Live cattle are up $2 to $3.35 on Monday in fallout from the USDA Cattle on Feed report.  Cash action picked up on Friday, with some $183-184 live and $292 dressed action reported in the North, steady to down $1 from the previous week. Southern trade was steady, at $182. Feeders are up $3.80 to $5.40 at midday after a weaker end to last week.  The CME Feeder Cattle index was down 62 cents on April 18 to $241.73. 

USDA’s Cattle on Feed report showed 1.746 million head placed during March, down 12.35% from a year ago, and below the average trade guess of down 7%. March marketings were down 13.71% at 1.706 million head, vs. trade estimates to be 11.9% lower.  April 1 on feed inventory was up 1.49% at 11.821 million head, below the trade’s expected 2.1% incline from last year. 

USDA’s Wholesale Boxed Beef prices were back higher in the Monday morning report. Choice boxes were 24 cents higher to $295.91, with Select up 60 cents to $291.43. That took the Chc/Sel spread down to $4.48. Last week’s USDA estimated cattle slaughter was pegged at 620,000 head through Saturday. That was up 17,000 head from the previous week and down 5,370 head from the same week last year. Production of 524.3 million lbs was still up 3% from the same week last year as heavier carcasses are being processed.

Apr 24 Live Cattle  are at $183.575, up $2.100,

Jun 24 Live Cattle  are at $178.075, up $2.400,

Aug 24 Live Cattle  are at $176.675, up $3.125,

Apr 24 Feeder Cattle  are at $242.875, up $1.550

May 24 Feeder Cattle  are at $245.800, up $3.800

Aug 24 Feeder Cattle  are at $258.850, up $5.350