Live cattle futures are currently 50 cents to $1.05 in the red, as feeders are down by as much as $2.07 to start the week. USDA confirmed light Friday cash action near $183-$184, matching the bulk of the week’s business. The CME Feeder Cattle Index was 54 cents weaker on 2/28 to $246.26.
Morning Boxed Beef prices were stronger with Choice up $1.39 to $306.67 and Select $1.61 stronger to $297.35. USDA reported 496.9 million lbs of beef was harvested from 599k head of cattle this week. Output was 1% higher vs the week prior on a 1% increase in slaughter, and output was 3.2% lower vs the same week last year on a 4.3% lighter slaughter. YTD slaughter trails last year by 5.3% with 5.357m head.
April 24 Cattle are at $187.450, down $1.000,
Jun 24 Cattle are at $183.050, down $0.950,
Aug 24 Cattle are at $182.250, down $0.450,
Cash Cattle Index was $181.840, from $183.00 last week
Mar 24 Feeder Cattle are at $251.400, down $1.575
April 24 Feeder Cattle are at $256.275, down $1.725
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