Cattle Look to Wednesday After Tuesday Rally

Live cattle futures were up $1.582 to $3.47 on Tuesday, led by the front months. Open interest was up 5,500 contracts on Wednesday, mostly in June and August. Cash trade has yet to get kicked off this week, as last week settled in at $234-235 sales and $238 late in the south. Feeder cattle futures were up $3.22 to $5.82 at the close. The CME Feeder Cattle Index was up 81 cents to $365.93 on March 30. The Monday OKC feeder cattle auction had sales on 7,622 head, with prices $4-8 on feeders and calves mostly steady.

Tuesday’s APHIS update on the New World Screwworm showed 40 active cases in the bordering state of Tamaulipas and one active case in Nuevo Leon.  Over the weekend, Secretary Rollins stated that the USDA is evaluating a phased in strategy on opening up the US border for Mexican cattle imports, likely starting with ports in the west, the furthest away from the current screwworm cases.

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Wholesale Boxed Beef prices were higher in the Tuesday PM report, with the Chc/Sel at $2.56 Choice boxes were up $1.39 to $395.49, while Select was $1.92 higher at $392.93. USDA estimated federally inspected cattle slaughter for Tuesday at 108,000 head, with the weekly total at 217,000 head. That is up 5,000 head from last week and 8,831 head below the same week last year.  

Apr 26 Live Cattle  closed at $243.025, up $3.475,

Jun 26 Live Cattle  closed at $243.275, up $3.075,

Aug 26 Live Cattle  closed at $239.800, up $2.500,

Apr 26 Feeder Cattle  closed at $369.125, up $5.825,

May 26 Feeder Cattle  closed at $366.475, up $5.150,

Aug 26 Feeder Cattle  closed at $364.425, up $4.825,

On the date of publication,

here.

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