Live cattle are up $1.15 to $1.80 across most contracts on Turnaround Tuesday. Cash trade has yet to develop this week, as sales of $184 were reported in the South last week and a few trades in the North in a range of $186-188. Feeders are rallying $1.30 to $2.50 at midday. The CME Feeder Cattle index was down another $2.34 on May 3 to $240.05.

Initial pasture ratings from USDA in yesterday’s afternoon’s Crop Progress report showed US pastures at 46% gd/ex. That translates to a score of 319 on the Brugler500 index (accounting for all 5 categories), which is the best start in 3 years and 32 points improved from last year. A weighted average of the major beef cow inventory states shows a 303 index rating, 26 points improved from last year and a 3-year high to start.

USDA’s Wholesale Boxed Beef prices continued higher in the Tuesday AM report. Choice boxes were up $1.60 at $300.36, with Select $3.16 higher to $292.91. That raised the Chc/Sel spread to $7.45. USDA estimated Monday’s federally inspected cattle slaughter at 120,000 head. That is 7,000 head above last week and down 4,823 head from the same Monday last year.

Jun 24 Live Cattle  are at $178.550, up $1.575,

Aug 24 Live Cattle  are at $176.200, up $1.775,

Oct 24 Live Cattle  are at $179.450, up $1.575,

May 24 Feeder Cattle  are at $243.025, up $1.625

Aug 24 Feeder Cattle  are at $255.300, up $2.425

Sep 24 Feeder Cattle  are at $256.325, up $2.450