Live cattle futures posted $3.70 to $4.50 losses on Monday. There were no deliveries on first notice day for April live cattle. Preliminary open interest continues to confirm longs exiting the market, down 15,336 contracts. Last week’s cash trade was reported at $208 in the South last week, down $1-2 from last week. Northern sales were steady to down $1 to $212-213. 

Feeder cattle futures were down $1.60 to $3.60 in the nearby contracts. Preliminary open interest was down 4,084 contracts. The CME Feeder Cattle Index was back down $1.95 on April 4, with the average price at $290. There are just 1,589 head sold on Monday’s OKC feeder cattle auction, with price action down $5-10 for feeder steers and $15 lower for calves over 500 lbs. Heifers were down $12-15 and calves down $20-25.  

President Trump has responded to the Chinese retaliatory 34% tariff with an additional 50% on Chinese goods if they don’t take back the issued 34%. He gave them a deadline of today to withdraw the tariffs. Later on Monday, President Trump directed Treasury Secretary Bessent and USTR Greer to open negotiations with Japan.

USDA’s National Wholesale Boxed Beef report was higher on Monday afternoon, as the Chc/Sel narrowed to $20.20. Choice boxes were up $1.05 at $339.50/cwt, with Select $2.12 higher to $319.30. Monday’s Federally inspected cattle slaughter was estimated at 108,000 head. That was 4,000 head above the previous Monday and down 12,384 head from the same week last year.

Apr 25 Live Cattle  closed at $198.925, down $3.700,

Jun 25 Live Cattle  closed at $194.175, down $4.025,

Aug 25 Live Cattle  closed at $190.525, down $4.175,

Apr 25 Feeder Cattle  closed at $277.825, down $1.600,

May 25 Feeder Cattle  closed at $271.275, down $3.600,

Aug 25 Feeder Cattle  closed at $278.050, down $3.000,