Live cattle futures are steady to $2.25 lower in the front months on Monday. Cash trade settled in at $256-260 last week, with southern action $256-258 and northern trade at $258-260. Feeder cattle futures are down $3.50 to $3.90 in the front months, with May the exception, up 97 cents. The CME Feeder Cattle Index was back down $2.54 to $374.83 on May 7.  The weekly OKC feeder cattle auction has an estimated 5,000 head for sale, with a lower undertone noted early. 

Just beforemidday, a Wall Street Journal report indicated the US was looking to temporarily lower beef import tariffs as soon as Monday.

Managed money increased their net long position in live cattle futures and options during the week of 5/5 by 5,374 contracts, taking it to 141,965 contracts. In feeder cattle futures and options, specs added back 1,636 contracts to their net long to 18,725 contracts on Tuesday.

Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel spread at a 91 cent premium to Choice. Choice boxes were up $2.27 to $390.66, while Select was $4.74 higher at $389.75. USDA estimated federally inspected cattle slaughter for last week at 527,000 head through Saturday. That was down 7,000 head from last week and 33,823 head below the same week last year. 

Jun 26 Live Cattle  are at $248.900, unch,

Aug 26 Live Cattle  are at $243.100, down $1.000,

Oct 26 Live Cattle  are at $236.100, down $2.200,

May 26 Feeder Cattle  are at $368.350, up $0.975

Aug 26 Feeder Cattle  are at $360.525, down $3.700

Sep 26 Feeder Cattle  are at $358.425, down $3.800

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