The Feb live cattle contract faded into the close and ended the day 2 cents in the red. The other front months held on for midweek gains of 7 to 42 cents. USDA had minimal cash action on Wednesday, mostly near $175. There were no cash cattle sales confirmed for Monday or Tuesday. Front month feeder cattle ended the day with $0.85 to $1.25 gains on Wednesday. The CME Feeder Cattle Index for 1/9 was $228.41, back up by 72 cents.
Official Census November beef exports totaled just 229.3 million lbs, an 8-year low for the month. That was a drop of 16.9% from last year and was 5.1% lower than the October total. The year’s total is the lowest since 2020 with 2.785 billion shipped for the year through Nov.
USDA’s Wholesale Boxed Beef prices were stronger on Wednesday with a $2.91 increase for Choice and a $4.11 stronger Select quote. FI cattle slaughter was reported at 301k head for the week through Wednesday, compared to 380k head during the same week last year as winter weather is reportedly slowing the week’s movement.
Feb 24 Cattle closed at $170.750, down $0.025,
Apr 24 Cattle closed at $173.675, up $0.075,
Jun 24 Cattle closed at $171.100, up $0.350,
Jan 24 Feeder Cattle closed at $224.625, up $0.850
Mar 24 Feeder Cattle closed at $226.125, up $1.250
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