Cash Cattle Steady to $2 Higher; COF Down 3%
Negotiated cash cattle trade was called moderate in the North at mostly $178 per cwt. live, and $280 to $282 per cwt. dressed, about $2 higher than the previous week. In the South cattle traded at mostly $170 live, about steady with last week. Feeder cattle traded mostly $1 to $7 higher, calves traded steady to $8 higher.
Wholesale beef prices declined early week, then recovered most of the losses late week. Choice boxed beef sold at $301.10 per cwt., down just $0.88 for the week. Select boxed beef closed Friday at $283.94 per cwt., down $0.74 for the week.
Weekly cattle slaughter was estimated at 642,000 head, down 34,000 head from the same week last year. The year-to-date total was down 3.3% from last year.
At the CME, June cattle futures advanced 20 cents to $165.725 at Friday’s close; that represented a weekly gain of $1.325. August feeder futures climbed another 60 cents to $235.10 to end the week, which marked a weekly surge of $6.125.
Cattle on Feed down 3%
Cattle and calves on feed in feedlots with capacity of 1,000 or more head totaled 11.6 million head on May 1, 2023. The inventory was 3% below May 1, 2022.
Placements in feedlots during April totaled 1.75 million head, 4% below 2022. Marketings of fed cattle during April totaled 1.70 million head, 10% below 2022.
