Thursday’s reaction to the semi-annual NASS Cattle Inventory report has the board trading triple digits higher at midday. Fat cattle are up by as much as $2.45 while feeders are working with near $5 gains at midday. 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.
USDA’s FAS reported 16.7k MT of beef was sold for export during the week that ended 1/25. Beef shipments were 15.4k MT for the week.
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 #’s were shown 2.5% below Jan ’23 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 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 are at $179.450, up $2.100,
April 24 Cattle are at $182.900, up $2.200,
Jun 24 Cattle are at $180.900, up $2.025,
Cash Cattle Index was $175.000, from $173.00 last week
Mar 24 Feeder Cattle are at $244.950, up $4.800
April 24 Feeder Cattle are at $250.500, up $4.350
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