After rallying to the highest levels since mid-Nov to start the week, the Wednesday session has live cattle futures backing off with 37 to 82 cent losses. Feeders are also 22 to 75 cents weaker so far on Wednesday. Cash trade remained light this week, with some 6500 sales added on Friday near $172-$173. The weekly OKC auction was closed this week citing winter storms. The 1/15 CME Feeder Cattle Index was 82 cents stronger to $226.43.
Bloomberg survey respondents expect NASS to show a 2.2% larger Jan 1 herd for 1,000+ head feedlots on Friday. That implies 11.93m head if realized. December placements are expected to be between 8.5% to 2% below Dec ’22 with the average at -4.5%. Dec marketings are expected to be down by 0.7% in the CoF report.
The AM Wholesale Boxed Beef prices from USDA were higher again, as Choice increased another $2.94 to $297.93 cwt. and Select was up by $2.20 to $282.18. Tuesday’s cattle slaughter was reported at 114k head, bringing the week to date total to 226k head.
Feb 24 Cattle are at $172.125, down $1.000,
April 24 Cattle are at $174.475, down $0.700,
Jun 24 Cattle are at $171.675, down $0.500,
Cash Cattle Index was $173.000, from $173.00 last week
Jan 24 Feeder Cattle are at $226.825, down $0.725
Mar 24 Feeder Cattle are at $227.950, down $0.875
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