Front month fat cattle futures were triple digits higher on Thursday led by a 1.4% gain in the Feb contract. Feeders closed 1.7% to 1.9% higher leading the way for the market with over $4 gains. Cash sales for Thursday were confirmed $1.50 stronger to near $175 in the South. USDA has 38k confirmed sales from $173 to $177.50. The CME Feeder Cattle Index firmed up by 47 cents to $230.68 on 1/24.
Weekly beef export sales were 22,400 MT for the week ending 1/25. That was the largest sale since the week of Feb 8th 2023. The week’s export shipment was 16k MT for a yearly total of 38k MT. That is 52% ahead of last year’s pace.
Wholesale Boxed Beef prices were mixed on Thursday with an 82c drop in Choice and a 61c increase in the Select. USDA FI cattle slaughter was 492k head for the week through Thursday, compared to 462k head last week and 500k head during the same week last year.
Feb 24 Cattle closed at $177.725, up $2.375,
Apr 24 Cattle closed at $180.700, up $2.350,
Jun 24 Cattle closed at $177.600, up $2.150,
Mar 24 Feeder Cattle closed at $238.175, up $4.400
Apr 24 Feeder Cattle closed at $243.925, up $4.125
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