Tuesday markets
The cattle complex closed mixed after a volatile trading day.
“CME cattle futures got their dead cat bounce today, along with multiple other commodity and equity markets,” Cassie Fish, market analyst, wrote in The Beef.
Live cattle closed mixed, with the April contract up 17 cents to $199.10 and the June contract down 55 cents to $193.62.
“Technically, today’s live cattle futures market rally does nothing to invalidate last week’s key reversal, but it’s only Tuesday,” Fish continued. “Still, multiple market variables remain undefined or unknown, and continued headline risk is real. At the same time, the cattle and beef markets are at historic highs, having been in a bull market for years. It’s no wonder uncertainty is shaking the trees. As of now, the reciprocal tariffs announced last Wednesday go into effect at midnight tonight.”
Cash trade was light, with 1,788 head sold for $328.
On the formula side, 29,600 head averaging 934 lbs. sold for an average of $338.41.
The national weekly direct beef type price distribution for the week of March 24-31 was the following on a live basis:
• Negotiated purchases: $211.25.
• Formula net purchases: $213.37.
• Forward contract net purchases: $195.60.
• Negotiated grid net purchases: $216.71.
On a dressed basis:
• Negotiated purchases: $336.27.
• Formula net purchases: $337.42.
• Forward contract net purchases: $311.18.
• Negotiated grid net purchases: $332.69.
Today’s slaughter is estimated to be 122,000 head, 1,000 head below a week earlier.
Boxed beef prices were mixed on 144 loads, with the Choice cutout down $1.40 to $338.10 and the Select cutout up $2.76 to $322.06.
Feeder cattle
Feeder cattle closed higher, with the April contract up $2.60 to $280.42 and the May contract up 45 cents to $271.72.
The CME Feeder Cattle Index was down $1.95 to $290.
Corn futures were higher, with the May and July futures up 4 cents to $4.69 and $4.74, respectively.
Iowa: Russell Livestock in Russell sold 3,940 head on Monday. Compared to the previous auction two weeks ago, steers less than 450 lbs. sold higher, while steers heavier than 450 lbs. sold mostly steady to $17 lower. Heifers sold mostly $14-29 lower, with heifers under 450 lbs. were sharply lower. Benchmark steers averaging 726 lbs. sold for $291-323.50, averaging $317.99.
Nebraska: Tri-State Livestock in McCook sold 696 head on Monday. There were not enough sales for an accurate comparison. A group of steers averaging 761 lbs. sold for $285. — Charles Wallace, WLJ contributing editor
