After the triple digit rally took futures above key resistance levels last week, the board is working another $0.50 to $1.15 higher to start this week. Midday feeder cattle future prints are $0.92 to $1.32 in the black. Cash sales for Thursday were confirmed $1.50 stronger to near $175 in the South. The OKC Feeder Auction Review had 10k head sold, with prices up by $10-$15 for calves. The listings included 44% steers/53% heifers, and 32% +600lbs. USDA had sales from $173 to $177 for the week with the bulk of action near $175. The 1/25 CME Feeder Cattle Index was $232.06, up by $1.38.
USDA quoted AM Boxed Beef prices 97 cents higher in Choice at $301.50, and 20 cents weaker in Select at $288.93. USDA’s beef output for the week was shown at 522.5m lbs, which was down by 0.3% from last week on a 0.2% increased slaughter. Slaughter was shown at 618k head, for a yearly total of 2.322 million head.
Feb 24 Cattle are at $179.075, up $0.625,
April 24 Cattle are at $182.925, up $1.250,
Jun 24 Cattle are at $180.025, up $1.175,
Cash Cattle Index was $175.000, from $173.00 last week
Mar 24 Feeder Cattle are at $241.225, up $1.525
April 24 Feeder Cattle are at $247.025, up $1.425
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