Live cattle are recovering from last Friday’s drop, as contracts are up $1.60 to $2.85 on Monday so far. Cash trade last week was reported @ $182 in the South, a $2 drop on the week, with Northern action also weaker at $293-295 in the beef (down $2-3) and $184-185 live. Feeders are the leaders, with gains of $2.30 to $4.60 at midday.  The CME Feeder Cattle index on April 11th was back up 97 cents to $244.57. 

Friday afternoon’s Commitment of Traders report confirmed the sped long exit from the last couple weeks, with managed money’s net long down a large 16,305 contracts during the week of 4/9 at 36,976 contracts.

USDA’s Wholesale Boxed Beef prices were higher in the Monday AM report. Choice was up 54 cents to $301.11, with Select 25 cents higher at $295.79. That widened the Chc/Sel spread a little to $5.33. Last week’s USDA estimated cattle slaughter was pegged at 603,000 through Saturday. That was a 10,000 head drop from the previous week and was down 8,000 head from the same week last year. Production was tallied at 509.8 million lbs, still 2% larger than last year on heavier carcasses.

Apr 24 Live Cattle  are at $180.775, up $1.875,

Jun 24 Live Cattle  are at $174.175, up $2.700,

Aug 24 Live Cattle  are at $171.625, up $2.875,

Apr 24 Feeder Cattle  are at $239.900, up $2.300

May 24 Feeder Cattle  are at $238.875, up $4.675

Aug 24 Feeder Cattle  are at $250.125, up $4.625