Front month cattle futures traded 40 to 72 cents lower on Thursday. The April contract kept to a $1.20 range on the day, though $1.15 of it was in the red. USDA confirmed more cash business near $175 in the North on Thursday, noting that a Southern sales trend remains unestablished. Feeder cattle futures ended the Thursday session triple digits lower with losses of as much as 0.6%. March feeders are still at a s are down by $1.32 to $1.42 through midday. The CME Feeder Cattle Index for 1/3 was $228.65, up by $3.60.
USDA’s Wholesale Boxed Beef prices had Choice another $2.13 weaker on Thursday afternoon to $275.90. That is now a net $15.38 cwt. drop since Dec 29. Select boxes were also 3 cents weaker in the PM report to $258.82. The Choice/Select spread is at the tightest level since late May. Federally inspected cattle slaughter for the week through Thursday was 380k head. That is 6k head behind the start to last year.
Feb 24 Cattle closed at $171.125, down $0.725,
Apr 24 Cattle closed at $174.300, down $0.450,
Jan 24 Feeder Cattle closed at $224.675, down $1.400
Mar 24 Feeder Cattle closed at $225.650, down $1.375
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