Front month fat cattle futures ended the midweek trade session UNCH to $1.05 in the red with an afternoon fade into the report. Feeder cattle were also red at the close, ending the day down by 12 cents to $1.17. USDA confirmed some light cash trade on Wednesday, mostly near $176. The CME Feeder Cattle Index for 1/29 was $2.13 stronger at $236.28.
The semi-annual Cattle Inventory report had 87.157m head of cattle counted as of Jan 1. That was a 2.6% decrease yr/yr compared to the expected 1.3% drop in inventory, and was the smallest national total cattle herd since 1957. Beef cows were shown 2.5% below Jan ’23 and and replacement heifers were 1.4% lower yr/yr. USDA reported the calf crop at 33.6m head compared to 34.4m last year.
USDA’s Wholesale Boxed Beef prices were fell another $1.53 in Choice and another $2.88 in Select on Wednesday afternoon. The ribs were quoted at $450.88 cwt. and $415.48 cwt. respectively. USDA reported FI cattle slaughter for the week through Wednesday at 379k head, up from 366k last week and 372k during the same week last year.
Feb 24 Cattle closed at $177.350, down $0.675,
Apr 24 Cattle closed at $180.700, down $1.050,
Jun 24 Cattle closed at $178.875, down $0.350,
Mar 24 Feeder Cattle closed at $240.150, down $1.175
Apr 24 Feeder Cattle closed at $246.150, down $0.850
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