Markets: Fed Cattle Lower; Market Cows Ignore HPAI News
The highly pathogenic avian influenza (HPAI) outbreak can officially be described as a black swan. Futures markets continue trading on fear and uncertainty. To date, however, HPAI has not been found in beef cattle, and even so, the CDC says the virus is not a threat to the nation’s food supply.
At the CME, June live cattle futures plunged $3.80 to $172.05, nearer the session low, hitting a three-month low. For the week, June live cattle fell $8.20. May feeder cattle futures lost $5.70 at $238.175, nearer the daily low and hit a three-month low. For the week, May feeders dropped $8.625.
Fed cattle traded in the North at $187 live and $297 dress, which is $1 to $3 lower live and $2 to $3 lower dressed. Moderate trade in the South at $184 live, $1 to $2 lower than last week.
Feeder cattle sold mostly $1 to $5 lower while calves sold mixed at $5 lower to $2 higher. Market cows sold steady to $4 higher.
Wholesale beef prices have been in retreat for two weeks. Choice boxed beef closed Friday at $297.17 per cwt., down $9.55 for the week. Select boxed beef closed Friday at $294.70 per cwt., down $8.73 for the week.
Estimated weekly cattle slaughter was 609,000 head, up 4,500 head from a year ago, Year-to-date slaughter was estimated at 8.31 million head, down 5.4% from a year ago.
At the CME, June live cattle futures plunged $3.80 to $172.05, nearer the session low, hitting a three-month low. For the week, June live cattle fell $8.20. May feeder cattle futures lost $5.70 at $238.175, nearer the daily low and hit a three-month low. For the week, May feeders dropped $8.625.
