After seeing the lowest prices since January on H5N1 related panic selling, the cattle market rebounded by $0.77 to $1.70 on Turnaround Tuesday. That has the April contract at a net $3.22 loss for the week through the first two sessions. Preliminary open interest showed the Monday bears taking profits, with short covering to the tune of 3,766 contracts. Feeder cattle futures were also back up by triple digits with $2.17 to $3.07 recoveries on Tuesday. Confirmed cash cattle trade remained unestablished through Tuesday. USDA reported cash trade last week from $184 to $191, with the bulk of sales near $186 in the South and near $189-$190 in the North. CME’s Feeder Cattle index increased 60 cents to $248.27 on 4/1. 

USDA’s Wholesale Boxed Beef prices were weaker on Tuesday with Choice down by $1.58 to $304.16 and Select was $2.80 weaker to $298.99. USDA reported the Tuesday FI cattle slaughter at 120k head, setting the week’s running total at 229k head. That compares to 243k last week and to 245k head during the same week last year.  

April 24 Cattle  are at $181.775, up $1.700,

Jun 24 Cattle  are at $176.375, up $1.050,

Aug 24 Cattle  are at $173.125, up $1.025,

Cash Cattle Index was $184.000, from $188.00 last week

April 24 Feeder Cattle  are at $243.500, up $3.075

May 24 Feeder Cattle  are at $244.850, up $2.175