Front month futures are extending their bounce from Tuesday with another 35 to 70 cent gains at midday. That has the board net higher for the week’s move, and working on the 5th consecutive gain on the weekly charts. Feeder cattle futures are also trading higher, with $0.70 to $1 gains at midday. USDA’s OKC feeder cattle auction review showed the 5,836 head sold were mostly $3-$4 higher. The 1/19 CME Feeder Cattle Index was $1.25 firmer to $228.51.
USDA’s Wholesale Boxed Beef prices for Wednesday morning were reported at $300.54 for Choice and $286.84 for Select. That was a $1.12 weaker for Choice and was $1.54 lower for Select. Federally inspected cattle slaughter was listed as 111k head for a weekly total of 240k head. That compares to 29k head during the same week last year.
Feb 24 Cattle are at $175.350, up $0.700,
April 24 Cattle are at $178.300, up $0.475,
Jun 24 Cattle are at $175.400, up $0.450,
Cash Cattle Index was $173.000, from $173.00 last week
Jan 24 Feeder Cattle are at $231.875, up $0.875
Mar 24 Feeder Cattle are at $234.625, up $0.975
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