Live cattle closed the Friday session with most contracts steady 30 cents higher ahead of the Cattle on Feed report. A few 2025 contracts were down a nickel.  Cash action picked up in Friday, with some $183 live and $292 dressed action reported in the North, down $1 from last week. Southern trade was steady, at $182. Feeders were weaker heading into the weekend, with contracts down 27 to 87 cents. The CME Feeder Cattle index was down 62 cents on April 18 to $241.73. 

USDA’s Cattle on Feed report showed 1.746 million head placed during March, down 12.35% from a year ago, and below the average trade guess of down 7%. March marketings were down 13.71% at 1.706 million head, vs. trade estimates to be 11.9% lower.  April 1 on feed inventory was up 1.49% at 11.821 million head, below the trade’s expected 2.1% incline from last year. 

Specs in live cattle futures and options trimmed another 4,675 contracts from their net long as of April 16 to 32,301 contracts. In feeders, they trimmed their net long by 1,763 contracts to 4,445 as of Tuesday.

USDA’s Wholesale Boxed Beef prices were mixed in the Friday afternoon report. Choice boxes were 13 cents lower to $295.67, with Select up $1.56 to $290.83. That took the Chc/Sel spread down to $4.84. This week’s USDA estimated cattle slaughter was pegged at 620,000 head through Saturday. That is up 17,000 head from the previous week and down 5,370 head from the same week last year. Production of 524.3 million lbs was still up 3% from the same week last year as heavier carcasses are being processed.

Apr 24 Live Cattle  closed at $181.475, up $0.300,

Jun 24 Live Cattle  closed at $175.675, up $0.300,

Aug 24 Live Cattle  closed at $173.550, up $0.025,

Apr 24 Feeder Cattle  closed at $241.325, down $0.275,

May 24 Feeder Cattle  closed at $242.000, down $0.550,

Aug 24 Feeder Cattle  closed at $253.500, down $0.800,