Fat cattle futures closed Thursday with $1.30 to $2 gains in pre-report positioning. The weekly FAS Export Sales for beef will be released before the open, and the monthly NASS Cattle on Feed will come out after the close. Feb cattle were within 30c of recovering 38% of their Sep-Dec drop. USDA confirmed some minimal $172 WCB cash sales on Thursday. Cash trade was light last week too, with some sales near $172-$173.
Feeder cattle also rallied on Thursday with $2.35 to $2.77 gains (as much as 1.2%) that led the March contract to the 38.2% retracement of the fall board collapse. The 1/17 CME Feeder Cattle Index was back up by $1.42 to $227.29.
The Wholesale Boxed Beef prices were quoted mixed in the PM report tightening the Chc/Sel spread to $12.53. Choice was down by $2.16 and Select was 74 cents stronger. USDA estimated FI cattle slaughter for the week through Thursday as 462k head, down from 494k head during the same week last year.
Feb 24 Cattle closed at $174.825, up $1.725,
Apr 24 Cattle closed at $177.650, up $2.025,
Jun 24 Cattle closed at $174.525, up $1.725,
Jan 24 Feeder Cattle closed at $230.925, up $2.500
Mar 24 Feeder Cattle closed at $232.550, up $2.775
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