Live cattle futures are pulling back so far through Monday, trading at or near their lows for the midday prints. Futures are down by as much as $1.15, with Feb 42 cents lower as OI thins out ahead of deliveries. Front month feeder cattle futures are also trading triple digits lower at midday, with losses of as much as $1.95 so far. USDA confirmed cash business from $173 to $178, citing most action was ~$3 higher near $178. USDA cited good demand for the OKC feeder cattle auction, revieing 49% steers and 50% heifers along with 61% of the feeders listed as calves sub-600#s. The CME Feeder Cattle Index was $1.22 stronger to $239.17 for 2/1.
USDA’s Wholesale Boxed Beef prices were listed at $293.08 in Choice and at $283.81 in Select on Monday morning. That was UNCH for Choice and was up by 34 cents for Select. USDA’s beef output for the week was 536.8 million lbs, a 2.7% increase from last week and a 1.9% increase from the same week last year. Slaughter was reported 3.1% above last week and even with last year at 637k head.
Feb 24 Cattle are at $180.350, down $0.200,
April 24 Cattle are at $183.075, down $0.675,
Jun 24 Cattle are at $180.875, down $0.900,
Cash Cattle Index was $178.740, from $175.00 last week
Mar 24 Feeder Cattle are at $243.125, down $1.675
April 24 Feeder Cattle are at $248.600, down $1.600
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