Live cattle traders are squaring their positions ahead of this afternoons Cattle on Feed report with contracts anywhere form 25 cents higher to 55 cents lower.  Cash action has been quiet so far this week, with some $183 live and $292 dressed action reported in the North, down $1 from last week. Bids of $182 are being reported in the South. Feeders are showing a 15 cent gain for April, with the other contracts down 75 cents to $1.05. The CME Feeder Cattle index was back down 28 cents on April 17 to $242.35. 

Cattle on Feed data will be released after the close this afternoon, with the trade expecting to see March placements down 7% from a year ago. Marketings during the month are projected to be 11.9% lower vs. March 2023. April 1 on feed inventory is seen up 2.1% from last year. 

USDA’s Wholesale Boxed Beef prices were back higher in the Friday morning report. Choice boxes were 13 cents higher to $295.93, with Select up $1.80 to $291.07. That took the Chc/Sel spread down to $4.85 Thursday’s USDA estimated cattle slaughter was pegged at 118,000, taking the week to date total to 487,000 head. That is up 5,000 head from the previous week and down 17,998 head from the same week last year. 

Apr 24 Live Cattle  are at $181.425, up $0.250,

Jun 24 Live Cattle  are at $175.050, down $0.325,

Aug 24 Live Cattle  are at $172.975, down $0.550,

Apr 24 Feeder Cattle  are at $241.750, up $0.150

May 24 Feeder Cattle  are at $241.575, down $0.975

Aug 24 Feeder Cattle  are at $253.075, down $1.225