Cattle faded into the NASS data on Thursday, but firmed up for the close. Fats stayed 47 cents to $1.15 weaker for the bell, though April was 30 cents of the session low. Feeders finished in the black on Thursday, after March printed a $3.03 range from as much as +$2.93. CME had 48 contracts total issued for Feb cattle deliveries, though all are in the re-tendering process with none scheduled. The week’s cash trade remains limited for the week through Thursday, with a few near $180. The CME Feeder Cattle Index increased by $1.83 to $244.49.
Analysts are looking for the NASS Cattle on Feed report to show Feb’s count 0.1% above Feb ’23 on average. That’s ~11.716m head barring revisions. Placements are expected to be down by 11.6% from last year and Jan marketings are expected to be 0.2% lower yr/yr.
USDA’s Boxed Beef prices were stronger on Thursday with $1.99 stronger Choice and $1.35 stronger Select. USDA reported FI cattle slaughter at 472k head for the week through Thursday. That compares to 486k head last week, and is 1.5k head below the same week last year.
Feb 24 Cattle closed at $183.500, down $0.475,
Apr 24 Cattle closed at $186.550, down $1.150,
Jun 24 Cattle closed at $182.700, down $0.600,
Mar 24 Feeder Cattle closed at $252.050, up $0.700
Apr 24 Feeder Cattle closed at $256.700, up $0.775
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