Front month feeder cattle closed with triple digit gains on Tuesday of as much as 1.1%. futures settled the session $1.82 to $2.70 in the black. Live cattle futures were also in the black for the close, though gains were limited to 0.4% across the front months. USDA’s confirmed cash trade for the week remains unestablished through Tuesday, as last week mostly saw sales near $175. The OKC Feeder Auction Review recorded 10k head sold, with prices up $5-$10 for feeders and up by $10-$20 for calves. The listings included 44% steers/53% heifers, and 32% >600lbs. The CME Feeder Cattle Index for 1/29 was $2.13 stronger at $236.28.
Wednesday’s semi-annual Cattle Inventory report from NASS is expected to show an 87.6m head herd as of Jan 1. That would be the smallest national total cattle herd since 1957 if realized. Beef cows are expected to be down by 2.6% from last year.
USDA’s afternoon boxed beef prices weakened with a $3.35 pullback in Choice and a $1.77 drop for Select. USDA reported FI cattle slaughter for Tuesday at 127k head, leaving the week’s total at 252,000. That remains 12k ahead of last week’s pace and 6k head more than the same week last year.
Feb 24 Cattle closed at $178.025, up $0.650,
Apr 24 Cattle closed at $181.750, up $0.525,
Jun 24 Cattle closed at $179.225, up $0.750,
Mar 24 Feeder Cattle closed at $241.325, up $2.700
Apr 24 Feeder Cattle closed at $247.000, up $2.400
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