Cattle Today

06.05 Markets

Cattle

August LC: day 18 of a buy signal. October LC day 18 of a buy signal. August FC: day 18 of a buy signal.
Cattle trends positive live cattle, positive feeders.
Cattle made new all-time highs last week.
Cash trade mostly $292 dressed in the north, up $8, $285-292 in IA/MN.
Live trade in the south $175-180, up $7-8. $183-188 in NE.
Beef prices have been picking up, Choice nearing $310.
Pasture conditions have been improving.
Grain markets turning positive increasing feed costs.
Cattle markets picking up momentum in a run phase.
Funds increased the net long position in live cattle 5,845 contracts, net long 107,835.
Feeder cattle net long 17,432 contracts, up 661 contracts last week.
Second quarter beef production expected to be down 6% vs last year, 3rd quarter expected to be down 5%.
Cyclical bull market remains.
Slaughter margins $143/head in the black.
Dressed cattle weights 817 lbs, unchanged from wk prior, 813 yr ago, ave 808 lbs.
Beef production last week 467.1 mln lbs, down from 493 mln yr ago.
Cumulative export sales in beef for 2023 487,300 mts, 631,700 mts yr ago, ave is 532,300 mts.
Feeder Cattle Index: 208.04 vs 208.07 prior.
Slaughter 124,000, 118,000 wk ago, 125,000 prior.
Boxed Beef: Choice 309.93, 3.49, Select 290.93 4.61, Ch/Se spread 19.00 Loads 120.

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