Cattle futures are continuing to shrug off the Wednesday overreaction, as contracts are up another 60 cents to $1.52 at midday. Cash trade kicked off on Thursday with a steady/higher note this week, as the South was at $182 in TX and $182-183 in KS, even to $1 above a week ago. Northern trade was reported at $184-185, $1-2 higher on the week. Bids this morning are reportedly being picked up around $184 in the South and $185-186 in the North. Feeders are posting $1.60 to $3.00 gains. The CME Feeder Cattle index was back up $2.51 on April 24 to $245.15. 

USDA’s Wholesale Boxed Beef prices were mixed again in the Friday morning report. Choice boxes were $1.50 higher to $298.42, with Select down $1.19 at $288.47. That took the Chc/Sel spread up to $9.95, as the seasonal widening kicks in. USDA estimated cattle slaughter at 125,000 head for Thursday, taking this week’s total to 488,000 head. That was up 1,000 head from the previous week and 10,788 head below the same week last year. 

Apr 24 Live Cattle  are at $184.550, up $0.600,

Jun 24 Live Cattle  are at $178.550, up $0.750,

Aug 24 Live Cattle  are at $176.875, up $0.825,

May 24 Feeder Cattle  are at $248.075, up $1.825

Aug 24 Feeder Cattle  are at $260.100, up $1.800

Sep 24 Feeder Cattle  are at $261.025, up $1.600