Cattle Market Sees Tightest Cooler Stocks for April in Years

Live cattle futures saw 20 to 55 cent losses in most contracts on Wednesday. Feeder cattle futures were steady to 40 cents lower, with soon to expire May (today) up $1.075. After Wednesday’s close, the Cold Storage report indicated 430.35 million lbs of beef were in coolers at the end of April, which is a 5-year low. That is down 4.78% from March and down 8.66% from a year ago. The CME feeder cattle index was down 9 cents to $132.16 on May 21. Wholesale boxed beef prices were mixed on Wednesday afternoon. Choice boxes were up 17 cents at $219.75 with Select boxes down 77 cents @ $205.81. USDA has this week’s FI cattle slaughter at 360,000 head through Wednesday. A few cash sales of $115 were reported in the South on Wednesday, with $185-186 in the north. Friday’s Cattle on Feed report is expected to show May 1 on feed numbers up about 2.9% (average of traders surveyed) from a year ago at 11.893 million head.

--provided by Brugler Marketing & Management

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