Cattle Bulls Working on First Winning Streak Since February

Single Cow with Number Tag in Ear

Live cattle continued the rally from Monday with contracts closing $1.20 to $1.90 higher at the close on Tuesday. A higher close today would make it 3 days in a row for the first time in nearly 2 months. Still no deliveries have been scheduled against April futures as of Tuesday. Cash action has been quiet this week, with last week reported @ $182 in the South and Northern action at $293-295 in the beef and $184-185 live. Feeder cattle pushed higher on Tuesday, with gains of 80 cents in April and $2.37 to $2.97 among the rest of the board. The CME Feeder Cattle index was back up 29 cents on April 15 to $241.36. 

USDA’s Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report. Choice was back down $2.86 to $298.02, with Select up $1.30 to $292.64. That narrowed the Chc/Sel spread back down to $5.38. Tuesday’s USDA estimated cattle slaughter was pegged at 124,000, taking the week to date total to 245,000 head. That is down 1,000 head from the previous week and down 5,806 head from the same week last year.

Apr 24 Live Cattle  closed at $181.500, up $1.200,

Jun 24 Live Cattle  closed at $175.725, up $1.900,

Aug 24 Live Cattle  closed at $172.925, up $1.800,

Apr 24 Feeder Cattle  closed at $240.350, up $0.800,

May 24 Feeder Cattle  closed at $240.975, up $2.975,

Aug 24 Feeder Cattle  closed at $252.350, up $2.575,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.