Live cattle are trading with contracts steady to 60 cents higher at midday. Cash trade is beginning to pick up, with a few trades of $187 in the south and USDA showing some light $192 in KS. Trade in the north is mainly $192, with some coming in at $193.50. Feeder cattle are showing weakness, with contacts steady to 27 cents lower on Friday. The CME Feeder Cattle index was up another 37 cents on May 22 to $248.81. 

Trade estimates for the Cattle on Feed report later today put April placements down 6.1% from last year, with April marketings up 9.8%. That would leave the May 1 on feed inventory down 0.8% from May 2023.

USDA’s Wholesale Boxed Beef prices were back higher on Friday morning. Choice boxes were up $1.72 at $311.56, with Select $1.70 higher to $301.78. The Chc/Sel spread is now at $9.78. USDA estimated FI cattle slaughter at 122,000 head for Thursday, taking the weekly total to 486,000 head. That is down 1,000 head from last week and down 13,531 head below the same week last year. 

Jun 24 Live Cattle  are at $183.725, up $0.200,

Aug 24 Live Cattle  are at $181.425, up $0.350,

Oct 24 Live Cattle  are at $184.275, up $0.200,

Aug 24 Feeder Cattle  are at $261.175, down $0.275

Sep 24 Feeder Cattle  are at $262.550, down $0.175

Oct 24 Feeder Cattle  are at $263.150, down $0.175