Nearby cattle futures are down by as much as 55 cents. Feb futures expire at the close, currently $2 under the April contract. April cattle are at a net $5.30 gain for the month’s move. Current feeder cattle futures are sitting another 52 cents to $1.50 in the red at midday. April feeders are up by a net $7.87 on the monthly chart. USDA confirmed some light cash trade on Wednesday near $182-$183, steady with last week. The CME Feeder Cattle Index for 2/27 was $246.80, another 33 cents stronger.
Export Sales data from the week of 2/22 had 12.2k MT of beef sales. That was a 3% drop wk/wk but was up 26% vs the 4-week average. USDA had Japan as the top buyer for the week. Shipments were 15.9k MT, for a yearly total of 117.4k MT (+8% yr/yr).
USDA’s Boxed Beef prices increased on Thursday morning with Choice up by 40 cents and Select up by $2.01. FI cattle slaughter for the week through Wednesday was 372k head vs 349k last week and 375k during the same week last year.
April 24 Cattle are at $185.850, down $0.275,
Jun 24 Cattle are at $181.700, down $0.475,
Aug 24 Cattle are at $180.850, down $0.450,
Cash Cattle Index was $183.000, from $179.00 last week
Mar 24 Feeder Cattle are at $249.150, down $0.450
April 24 Feeder Cattle are at $253.850, down $1.250
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