Cash fed cattle traded in the North from $121 to $123 in light to moderate volumes this week, $1 to $2 lower than the previous week. On a dressed basis cattle sold at $192 to $193 per cwt., $3 to $4 lower. Cattle in the South traded at $119 to $120 per cwt., steady to $1 lower.
June live cattle futures closed the day Friday down $0.125 at $115.725 and for the week fell $3.45. May feeder cattle futures on Friday gained $0.65 at $137.675, paring its weekly decline to $6.05.
USDA’s April cattle on feed report saw inventories at 11.9 million head, 5% higher than April 1, 2020.This was the second highest April 1 inventory since the series began in 1996. The inventory included 7.41 million steers and steer calves, up 5% from the previous year.
Feedyards aggressively placed cattle on feed during March. Placements totaled 2.00 million head, 28% higher than in 2020. Net placements were 1.94 million head. Analysts say the report confirms feedyard inventories are historically large.
During March, placements of cattle and calves weighing less than 600 pounds were 405,000 head,
600-699 pounds were 325,000 head, 700-799 pounds were 510,000 head, 800-899 pounds were 522,000 head, 900-999 pounds were 175,000 head, and 1,000 pounds and greater were 60,000 head.
Marketings of fed cattle during March totaled 2.04 million head, 1% above 2020. Marketings were the second highest for March since the series began in 1996.
Wholesale beef prices continued pushing higher this week. Choice boxed beef closed Friday at $283.32 per cwt., up $6.70 for the week. Select boxed beef closed at $272.41 per cwt., up $3.98 for the week.
