Live cattle are showing midday gains of 40 to 50 cents on Tuesday after Friday’s neutral (compared to estimates) Cattle on Feed report. Cash trade last week saw action at $187 in the south, with trade in the north mainly at $192, with some coming in at $193.50. Feeders are the leaders at midday, with contracts up $3 to $4 so far after the CoF report from Friday confirmed a continued slowdown in feeder placements. The CME Feeder Cattle index was up another $1.33 on May 23 to $250.14.

Cattle on Feed data from Friday showed April placements down 5.8% at 1.656 million head, as April Marketings were up 10.12% to 1.872 million head. That tool the May 1 on feed inventory to 11.554 million head, now down 0.86% from last year. Cold Storage data was also released showing 430.683 million lbs of beef in stocks at the end of April. That was a drop of 0.88% from the previous month and 4.73% below a year ago (vs. the 9.06% yr/yr drop in the month prior).

USDA’s Wholesale Boxed Beef prices were higher on Tuesday morning. Choice boxes were up $2.06 at $312.51, with Select $1.49 higher to $303.21. The Chc/Sel spread is now at $9.30 USDA estimated FI cattle slaughter for last week at 607,000 head including Saturday. That is up 9,000 head from last week but 14,295 head below the same week last year. 

Jun 24 Live Cattle  are at $184.200, up $0.500,

Aug 24 Live Cattle  are at $181.550, up $0.425,

Oct 24 Live Cattle  are at $184.350, up $0.400,

Aug 24 Feeder Cattle  are at $264.150, up $3.925

Sep 24 Feeder Cattle  are at $265.300, up $3.550

Oct 24 Feeder Cattle  are at $265.725, up $3.175