Cowboys have yet to corral the HPAI black swan that has circled futures markets the past two weeks. While there’s been no confirmed threat to the food supply or even beef markets in general, fear and emotion continue to rule the day. Throw in a dose of inflation fears and futures remained well under cash.
Fed cattle sold in the North in moderate volumes at $184 to $185 live and $293 to $295 dressed. That’s $2 to $3 lower live and $2 to $4 lower dressed. In the South trade was called $2 lower at $182 live.
Feeder cattle traded mainly $1 to $5 lower, and calves sold $2 to $6 lower with instances of steeper declines.
Market cows sold $1 lower to $6 higher as demand for trim remains strong. The price for 90% lean trim has advanced 35% since the beginning of the year and the current price of $3.49 is an all-time high.
Wholesale beef prices edged higher. Choice boxed beef closed Friday at $300.57 per cwt., up $3.40 for the week. Select boxed beef closed Friday at $295.54 per cwt., up 84 cents for the week.
At the CME, weak cash prices and slumping equity indexes seemed to sink cattle futures Friday. Nearby April fed cattle fell $1.35 to $178.90, while most-active June sank $2.425 to $171.475. That latter close marked a weekly drop of 57.5 cents. May feeder futures plunged $3.95 to $234.20, which left the contract $3.975 below last Friday’s close.
