Friday’s triple digit rally is pushing the board to net gains for the week. Current board quotes show front month live cattle futures trading $1.07 to $2.02 higher, leading the April contract to a net 90c gain wk/wk. Feeders are leading the way at midday with March up by more than $4. The front month contracts are up by 0.9% to 1.6% so far. Feeders were mixed with a 5c loss in May and a 57c loss for August, to the 87c gain for March. The fat cattle ended the day within a dime of the high, closing up by as much as $1.60 across the front months. CME had 16 deliveries issued (and being retendered) vs the Feb contract, the oldest remaining long was dated 12/28. USDA confirmed cash trade on Thursday from $178 to $183, citing most sales $2.50 lower near $180. The CME Feeder Cattle Index for 2/12 was $244.93, down by $246.66.
USDA’s Boxed Beef prices were another 76 cents stronger in Choice and 20 cents stronger in Select in the Friday morning update. USDA estimated the week-to-date cattle slaughter at 486k head through Thursday. That is down 15k head from last week and 10k head from the same week last year.
Feb 24 Cattle is at $184.950, up by $1.550,
April 24 Cattle is at $187.600, up by $2.000,
Jun 24 Cattle is at $182.950, up by $1.075,
Mar 24 Feeder Cattle is at $251.150, up by $4.050
April 24 Feeder Cattle is at $253.350, up by $3.125
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