Re: Say $140
Cattle futures are $2.17 to $2.60 lower at midday with April only at $105.85 vs. cash as high as $120.50. Feeder cattle futures are trading triple digits lower at midday. On the last trading day for March feeders they are down $1.17 to $130.90 (and still expecting a big pop in the CME Index). The March 24th CME Feeder Cattle Index was $5.21 higher to $123.44. USDA’s weekly Export Sales report showed 14,501 MT of beef booked on the week ending 03/19. That was 11.53% higher than beef sales from the same week last year. YTD beef exports total 193,603 MT, which is 30.5% above last year’s pace. USDA reported some Wednesday cash trades in the South and NE at $119 - $120, with the bulk at $120. Wholesale boxed beef prices were lower this morning, with the Chc/Sel spread tighter to $11. Choice boxes were $1.86 lower, and Select boxes were down by $0.65. Estimated cattle slaughter under federal inspection is at 361,000 head through Wednesday. That is 2,000 head above both last week, and the same week last year’s pace.