Markets: Negative Psychology Pulls Cash Cattle Lower
News that HPAI was detected in dairy herds in the southern plains created uncertainty, the kryptonite for cattle futures. Futures dropped $8 to $10 on the news despite assurances HPAI was not a danger to consumers. By week’s end markets had absorbed the negative news and began recovering.
Cash cattle trade in the North was called moderate at $188 to $190 live and $299 to $300 per cwt. dressed, $1 to $2 lower live and $2 to $3 lower dressed. Trade in the South was called light to moderate at $185 to $186 live, $2 lower than the previous week.
Feeder cattle traded $4 lower to $1 higher and calves sold $5 lower to $1 higher. Market cows traded $1 to $6 higher.
Wholesale beef traded mixed on the week despite expectations that grilling season is set to heat up demand. Choice boxed beef closed Friday at $306.72 per cwt., down $4 for the week. Select boxed beef closed at $303.43 per cwt., up $1.96 for the week.
Estimated weekly slaughter was 586,000 head, down 59,000 from the same week a year ago. The year-to-date total was 7.715 million head, down 5.8% from last year.
Futures markets were closed on Friday in observance of the Good Friday holiday.
