![]() ![]() ![]() For more information please view the Barchart Disclosure Policy here. All information and data in this article is solely for informational purposes. On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. That is 15k head above last week but down from 665k head during the same week last year. USDA estimated the week’s FI cattle slaughter at 649k head through Saturday. That left the Chc/Sel spread at near ATH $34.05. The next annual USDA cattle inventory report will be released on January 31. Females made up 43.5 percent of cattle slaughter, the lowest share since 1972. USDA quoted Wholesale Boxed Beef prices 46c lower in Choice and $3.84 lower in Select. Preliminary data indicate average daily steer and bull slaughter was up 7.1 and cow and heifer slaughter up 4.4 in 2016. The week’s exports were marked at 17.7k MT for a yearly running total of 382k MT. That was up 3% for the week and was 19% above the same week last year led by sales to China. USDA’s weekly Export Sales report showed 13,287 MT of beef bookings for the week that ended 6/15. That was a 6.3% drop from April inventory and was down from 526m lbs last year – still as the 2nd most of the past 5 years. NASS reported 423.465m lbs of beef stocks in cold storage as of May 31. ![]() NASS showed 1.946m head were marketed in May, up by 1.67% yr/yr. The May placements were counted at 1.955m head, up 4.6% from May ’22 vs. That was slightly less of a decline from ’22 than expected, at -2.93%. The August CME© feeder cattle futures contract that was trading below 200 per cwt in early fall is now trading in the mid-230’s (see chart below). The monthly CoF data from NASS showed June 1 cattle on feed inventory was 11.552 million head. In most markets, heavy feeders are selling for 30 to 50 per more than they were in the 4 th quarter and the price improvement in calf markets has been even greater. Feeder cattle spec traders were also closing longs for a 3.2k weaker net long of 16,284 contracts. The group was 9.3k contracts less net long to 110,622. The CME Feeder Cattle Index was 73 cents weaker on 6/22 to $221 flat.ĬFTC’s weekly CoT update had the managed money cattle traders taking profits through the week that ended 6/20. Friday’s feeder cattle trade ended with $2.72 to $3.27 gains in the front months. USDA called the week’s cash market at $184 for the WCB, and $180 in the South. The live cattle futures market ended the day with nearby losses of 15 to 37 cents, but deferred contract gains of less than 10 cents. ![]()
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