Cattle Today

04.17 Markets

Cattle

June LC day 1 of a sell signal. August LC day 1 of a sell signal. May FC: day 1 of a sell signal.
Trends are negative in live cattle and negative feeder cattle.
Profit-taking pulled down live cattle and feeder cattle futures on Thursday after the markets galloped to contract highs this week.
Market trading at all-time highs and filling the upside gap targets hit technical resistance.
Rising beef prices and higher fuel costs pinching pockets. Fear that Trump will focus on high beef prices again creates uneasiness as well as possible opening the border to combat supplies. Screwworm in the US could create a sell-off fear too.
COF Report this afternoon at 2 pm central. Placements will remain below a year ago as there is little indication of rebuilding the herd. Cattle on Feed report is not expected to have a long-term impact on the market.
Boxed beef lower. Feeder index jumping higher new record high.
Boxed beef prices continue to show weakness despite packers reducing slaughter, attempting to increase margins
May feeders holding a big discount to the index, over $12.
The latest USDA confirmed detection of NWS, involved a canine located in the municipality of Monterrey, Nuevo Leon, Mexico. Monterrey is about 88 miles from the nearest Texas border point and 128 miles from the border crossing at McAllen, and 134 miles south of Laredo.. Live cattle imports from Mexico remained suspended due to the threat.
Scattered live deals in the South were at $248, that’s consistent with last week’s business. There were also some dressed deals marked at $388 in the North, $1 lower, IA $392, up $4.
In MO, steers and heifers were mostly $5 to $15 higher. Medium and Large 1 feeder steers 451 to 495 pounds brought $520 to $560 and feeder steers 507 to 548 pounds brought $480 to $540. Medium and Large 1 feeder heifers 453 to 497 pounds brought $370 to $500 and feeder heifers 638 to 639 pounds brought $392.50 to $402.50.
Feeder Cattle Index: $379.09 vs $375.46 prior.
Slaughter: 104,000, 105,000 wk ago, 120,000 yr ago.
Boxed Beef: Choice $381.57, -0.41, Select $378.48, -0.10, Ch/Se spread 3.09, Loads 104.

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