Cattle markets were quiet to begin the session today before rallying right before the close with the April contract finishing 75 cents higher today at 161.30. Tomorrow’s session could pullback somewhat but I am of the opinion that the market continues to trend higher here in the near term. Depending on what the cash market does, I believe that April cattle will try to retest the January high of 162.60. Short term fundamentals are very bullish as this is the largest decline in production from the fourth quarter to the first quarter since 2019, in that year the market closed at 125.35 at this time and came off the board 4 dollars and 60 cents higher at 129.95. The USDA boxed beef cutout value closed 28 cents lower at $271.44 yesterday and the estimated cattle slaughter numbers came in at 124,000 head yesterday which was down 125,000 a week ago.
April Cattle
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