Live Cattle Futures PricesTuesday, May 22nd, 2012

Cattle futures are trading higher after backing off from resistance yesterday at the 50% support resistance point. Wholesale beef prices are mixed this morning after the Choice hit the highest level since early March yesterday. Choice is down $0.08 and Select is up $0.68 putting the spread at $7.35. Estimated Monday slaughter was 126,000 head, down from 127K last week and 131K a year ago. The cattle crush spreads are still telling feedlots quite loudly “don’t do it”. The crush spread for March 2013 placements is offering feedlots the opportunity to lock in a $98 per head LOSS at current price relationships. The October crush is trading at $70 and the November at $84 as of this writing. Cash trade is basically at a standstill with a minimal number of head trading at steady money with last week.

Jun 12 Cattle are at $119.375, up $0.575,
Aug 12 Cattle are at $121.100, up $0.300,
Oct 12 Cattle are at $125.500, up $0.150,
May 12 Feeder Cattle are at $152.550, up $0.675
Aug 12 Feeder Cattle are at $159.875, up $0.775