Thursday’s reaction to the semi-annual NASS Cattle Inventory report pushed futures triple digits higher. Fat cattle ended the day with $2.27 to $2.47 gains of as much as 1.4%. Feeder cattle futures settled 1.4% to 2% higher with gains of as much as $4.72. USDA confirmed Thursday cash business from $173 to $178, citing most action was ~$3 higher near $178. The CME Feeder Cattle Index increased $1.63 on 1/31 to $237.95.
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.
USDA’s Wholesale Boxed Beef prices had the Feb 1 quotes at $294.94 and $283.25 cwt. for Choice and Select respectively. For choice that was up 40c on the day, while Select was another 92c weaker. USDA reported FI cattle slaughter at 505k head for the week through Thursday. That’s up 13k head from last week, and is 9k head more than the same week last year.
Feb 24 Cattle closed at $179.750, up $2.400,
Apr 24 Cattle closed at $183.175, up $2.475,
Jun 24 Cattle closed at $181.125, up $2.250,
Mar 24 Feeder Cattle closed at $244.875, up $4.725
Apr 24 Feeder Cattle closed at $250.525, up $4.375
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