Jan Beef Stocks Tightest Beef Stocks since 2014

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 after initially selling off in response to the Friday afternoon Cattle on Feed report.  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 for finished cattle from $180.50 to $184 on Friday with solid volume. The bulk of the week’s action took place $2-$3 higher near $182. The CME Feeder Cattle Index was $246.64 on 2/23, up by another $1.98. 

The NASS Cold Storage monthly report showed beef stocks were 475.4m lbs in January. That was down from 480m lbs in Dec, and was the lowest January inventory 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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