Through Monday’s midday the live cattle market is $0.37 to $1.05 in the red. Feeder cattle are also fading with losses of as much as $1.20 so far. USDA confirmed some moderate cash sales action again on Friday. The week’s bulk prices were $2 stronger near $178 in NE and steady near $170 in TX. USDA’s OKC Feeder Auction review showed 9,500 head were sold with a 42%/53% steer to heifer ratio. The CME Feeder Cattle Index was 25 cents weaker on 5/18 to $202.36.
NASS confirmed 11.608m head of cattle on feed in 1,000+ head lots on May 1st. That was down 3.44% from last year’s inventory and matched the pre-report estimate. April placements were 1.748m head, that was down 4.2% yr/yr. The average pre-report estimate was to see a 3.7% drop off. The COF report showed April marketings of 1.701m head, down more than anticipated and thus offsetting the lighter placements.
