Live Cattle futures are trading 22 lower ahead of this afternoon’s USDA Cattle on Feed report. Feeder cattle are down 75 in the overnights as well. The report is expected to show fewer cattle on feed as of April 1, with the trade looking for 93.9% of a year ago. Same song different verse, supply remains at all time lows. The only real question that will be answered in the COF report will be the number of placements as the dart thrower have a wide range estimate of 92-103% of last year. Weekly beef export sales were strong with the USDA reporting 16,809 MT in sales compared to 10,196 MT the previous week. Boxed beef failed to react to the stronger export news and finished with a 44 cent loss on Choice and 11 cent loss on Select. Year-to-date exports have totaled 306,645 MT vs. 327,495 MT last year though. The CME feeder cattle index finished $0.75 lower at $134.86. The week to date slaughter stands at 484,000 head. This is up 12,000 head from last year but unchanged from last week. Live cattle cash trade has been around the 1.25 mark.
Keep looking for the end of the Rainbow.
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