Cattle Market Sliding Lower

After falling by the expanded limits on Thursday, the front month futures are down another $0.45 to $3.87. April options expire today, with a huge range of pin candidates in play. Feeder futures are down another $1.95 to $2.62 at midday. The April 1 CME Feeder Cattle Index was $126.09, down by $3.73. Cash trades have slowed this week since limited activity around $112 - $113 earlier. Official February beef exports from Census were 257 million lbs, which was a record for Feb, and 4.9% above Jan shipments. Japan was the top destination for the month’s beef exports with 75.1 mbu, that was a 32% increase yr/yr. South Korea saw the largest mo/mo increase in beef shipments, up 32% from January beef exports to 62.6m lbs. Wholesale boxed beef prices were lower in the morning update widening the Chc/Sel spread to $10.94. Choice boxes were down by $0.69 to $231.95 cwt. and Select boxes were $1.11 lower at $221.01 cwt. Federally Inspected cattle slaughter through Thursday was estimated at 467,000 head. That was 17,000 head behind last week and 15,000 head behind the same week last year.

Apr 20 Cattle are at $88.950, down $3.875,

Jun 20 Cattle are at $81.725, down $1.350,

Aug 20 Cattle are at $84.150, down $0.450,

Apr 20 Feeder Cattle are at $108.725, down $1.950

May 20 Feeder Cattle are at $109.025, down $2.625

Aug 20 Feeder Cattle are at $115.075, down $2.575

--- provided by Brugler Marketing & Management

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