Cattle futures are continuing to shrug off the Wednesday overreaction, as contracts were up another 60 cents to $1.52 at midday and held on to settle 72 to 77  cents higher. Cash trade kicked off on Thursday with a steady/higher note this week, as the South was at $182 in TX and $182-184 in KS on Friday, even to $2 above a week ago. Northern trade was reported at $184-185, $1-2 higher on the week. Feeders settled with $2.15 to $2.45 gains. The CME Feeder Cattle index was back up $2.51 on April 24 to $245.15. 

Spec funds in live cattle futures and options added back 3,353 contracts to their net long position after 5 weeks straight if liquidation. The held a net long of 35,654 contracts as of last Tuesday. 

USDA’s Wholesale Boxed Beef prices were mixed again in the Friday PM report. Choice boxes were $0.22 higher at $297.14, with Select down $0.94 at $288.72. USDA estimated cattle slaughter at 113,000 head for Friday, taking this week’s total to 613,000 head. That was down 7,000 head from the previous week and 13,000 head below the same week last year. 

Apr 24 Live Cattle  closed at $184.675, up $0.725,

Jun 24 Live Cattle  were at $178.575, up $0.775,

Aug 24 Live Cattle  closed at $176.775, up $0.725,

May 24 Feeder Cattle  settled at $248.70, up $2.45

Aug 24 Feeder Cattle  were at $260.55, up $2.25

Sep 24 Feeder Cattle  closed at $261.575, up $2.15