The cattle market was mixed on Monday with fats 12 to 57 cents higher and feeders 50 cents to $1.52 weaker. The April live cattle contract printed a $1.67 range on the day. CME reported a contract of heifers to be delivered to West Point. CME confirmed 16 deliveries against Feb cattle have been completed of the 49 total issued MTD. USDA’s OKC Feeder Auction Review showed 11.4k head were sold with $2-$5 higher prices. USDA confirmed cash trade from $180.50 to $184 on Friday with solid volume. The bulk of the week’s action took place mostly $2-$3 higher near $182. The CME Feeder Cattle Index was $246.64 on 2/23, up by another $1.98.
The monthly Cattle on Feed report showed 11.797m head were on feed on Feb 1. That was 0.4% above the Feb ’23 count and a few more than expected pre-report. Placements came in 7.4% below last year compared to the expected 11.6% drop, with 1.792m head placed in Jan. Jan marketings were 1.844m head.
The NASS Cold Storage data showed beef stocks were 475.4m lbs in January. That was down from 480m lbs in Dec, and was the lowest Jan stock since 2014.
USDA’s Boxed Beef prices were stronger on Monday afternoon as Choice was up $1.18 to $301.79 and Select was $1.68 stronger to $287.99. Monday’s FI cattle slaughter was estimated at 122k head. That was up from 104k head during President’s Day last week and was 2k head below the same week last year.
Feb 24 Cattle closed at $185.725, up $0.125,
Apr 24 Cattle closed at $188.100, up $0.200,
Jun 24 Cattle closed at $184.100, up $0.225,
Mar 24 Feeder Cattle closed at $253.050, down $1.525
Apr 24 Feeder Cattle closed at $258.900, down $1.075
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