AgriCharts Market Commentary

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Cattle Close Lower, USDA Shows Lighter Than Expected Placements

Live cattle futures were 20 to 40 cents lower in most contracts on Friday, with June up 37.5 cents. Feeder cattle futures were steady to 57.5 cents lower, as August was up 20 cents. After the close, the Cattle on Feed report showed April placements up 8.67% from year ago at 1.842 million head, below most estimates. Marketings were up 6.93% from last year at 1.928 million head. The May 1 on feed inventory was pegged at 11.818 million head, up 2.25% and lighter than expectations. The CME feeder cattle index was up $3.11 to $136.81 on May 23. Wholesale boxed beef prices were higher on Friday afternoon. Choice boxes were up 85 cents at $221.64 with Select boxes $1.94 higher @ $208.47. USDA has this week’s FI cattle slaughter at 641,000 head through Saturday. Cash trade this week was seen at $115 in the South and $115-116 in the North. The large managed money spec funds continue to liquidate their long position, with the Commitment of Traders report showing their net short position at 72,705 contracts on Tuesday.

Jun 19 Cattle closed at $111.175, up $0.375,

Aug 19 Cattle closed at $107.950, down $0.200,

Oct 19 Cattle closed at $107.775, down $0.275,

Aug 19 Feeder Cattle closed at $143.225, up $0.200

Sep 19 Feeder Cattle closed at $143.875, down $0.125

Oct 19 Feeder Cattle closed at $144.225, down $0.525

--provided by Brugler Marketing & Management

Cattle Mostly Lower Ahead of Cattle on Feed Report

Live cattle futures are mostly lower on Friday, with June up 20 cents. Feeder cattle futures are also in the red in most contracts, as the new front month August is up 12.5 cents. The CME feeder cattle index was up $1.54 to $133.70 on May 22. Wholesale boxed beef prices were higher on Friday morning. Choice boxes were up 71 cents at $221.50 with Select boxes $1.95 higher @ $208.48. USDA has this week’s FI cattle slaughter at 477,000 head through Thursday. Cash trade so far this week has been seen at $115 in the South and $115-116 in the North. Friday’s Cattle on Feed report is expected on average to show April placements up 13.5% from a year ago, with marketings in that month 6.6% higher. May 1 cattle on feed is seen up 2.9% yr/yr.

Jun 19 Cattle are at $111.000, up $0.200,

Aug 19 Cattle are at $107.775, down $0.375,

Oct 19 Cattle are at $107.675, down $0.375,

Aug 19 Feeder Cattle are at $143.150, up $0.125

Sep 19 Feeder Cattle are at $143.800, down $0.200

Oct 19 Feeder Cattle are at $144.225, down $0.525

--provided by Brugler Marketing & Management

Cattle Market Firms Ahead of COF Report

Live cattle futures saw 5 to 25 cent gains in most contracts on Thursday, with Feb 2020 down a tick. Feeder cattle futures were steady to 42.5 cents higher on the day, as May expired at $135.60. The CME feeder cattle index was up $1.54 to $133.70 on May 22. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up $1.04 at $220.79 with Select boxes 72 cents higher @ $206.53. USDA has this week’s FI cattle slaughter at 477,000 head through Thursday. A few cash sales of $115 were reported in the South on Wednesday, with $185-186 dressed in the north. Some cash trade in the north was reported at $116 on Thursday. Friday’s Cattle on Feed report is expected on average to show April placements up 13.5% from a year ago, with marketings in that month 6.6% higher. Export sales of beef were 24,394 MT in the week of May 16. Shipments were seen at 17,940 MT.

--provided by Brugler Marketing & Management

Cattle See Green on Thursday

Live cattle futures saw 5 to 25 cent gains in most contracts on Thursday, with Feb 2020 down a tick. Feeder cattle futures were steady to 42.5 cents higher on the day, as May expired at $135.60. The CME feeder cattle index was up $1.54 to $133.70 on May 22. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up $1.04 at $220.79 with Select boxes 72 cents higher @ $206.53. USDA has this week’s FI cattle slaughter at 477,000 head through Thursday. A few cash sales of $115 were reported in the South on Wednesday, with $185-186 dressed in the north. Some cash trade in the north was reported at $116 on Thursday. Friday’s Cattle on Feed report is expected to show April placements up 13.5% from a year ago, with marketings in that month 6.6% higher. Export sales of beef were reported at 24,394 MT in the week of May 16 this morning. Shipments were seen at 17,940 MT.

Jun 19 Cattle closed at $110.800, up $0.150,

Aug 19 Cattle closed at $108.150, up $0.200,

Oct 19 Cattle closed at $108.050, up $0.250,

May 19 Feeder Cattle closed at $135.600, up $0.150

Aug 19 Feeder Cattle closed at $143.025, up $0.425

Sep 19 Feeder Cattle closed at $144.000, up $0.125

--provided by Brugler Marketing & Management

Cattle Marginally Mixed at Midday

Live cattle futures are anywhere from 10 cents higher to 20 cents lower in the front months at midday. Feeder cattle futures are also mixed, with expiring May up 15 cents. The CME feeder cattle index was down 9 cents to $132.16 on May 21. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 76 cents at $220.51 with Select boxes 86 cents higher @ $2036.67. 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. Some cash trade in the north was reported at $116 this morning. Friday’s Cattle on Feed report is expected to show April placements up 13.5% from a year ago, with marketings in that month 6.6% higher. Export sales of beef were reported at 24,394 MT in the week of may 16 this morning. Shipments were seen at 17,940 MT.

Jun 19 Cattle are at $110.750, up $0.100,

Aug 19 Cattle are at $107.875, down $0.075,

Oct 19 Cattle are at $107.775, down $0.025,

May 19 Feeder Cattle are at $135.600, up $0.150

Aug 19 Feeder Cattle are at $142.525, down $0.075

Sep 19 Feeder Cattle are at $143.575, down $0.300

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com