Cattle Today

5.14 Markets

Cattle

June: day 1 of a sell signal. October: day 6 of a buy signal. August feeders: day 4 of a buy signal.
Cattle trends are mixed.
June cattle turned negative yesterday, finishing down limit.
Cattle may be forming a base to move higher if support holds.
Feedlot numbers shrink from mid-July to next year
Packer margins $750/head.
Rumors that a plant was not intending to run a Saturday kill this week and possibly next.
Seasonally beef demand tapers off in the summer, cattle supplies expected to increase sharply.
Cash cattle trade $120/cwt in NE, KS trade $119/cwt.
Steer average weights 891 lbs, down 5 lbs vs prior week, heifer weights 824 lbs, down 1 lb.
Beef export sales down 22% last week, down 355 vs 4-wk ave.
Boxed beef up again. Choice up $7.67/cwt this week.
Pasture conditions pr/vp ratings historically high in several states.
47% of the country is in drought, 35% of the US cattle inventory in drought areas.
Only 4 other years on record showed more than 40% of the country in drought for early May.
50% retracement from the April 8 to May 4 break would have been $119.10/cwt June.
August cattle unable to gain much traction above $122/cwt.
Weights remain high.
Fear of slowing demand after Memorial Day purchases.
US beef production estimated to be 27.900 bln lbs vs 27.640 bln last month for 2021.
Slaughter: 118,000, 115,000 wk ago, 94,000 yr ago.
Feeder Cattle Index: $131.01 vs $130.57 prior.
Boxed beef: Choice up 1.70/cwt to $316.78, Select down 1.25/cwt to $295.91, C/S spread $20.87, 106 loads

Cattle News Headlines