Nearby cattle futures are printing new highs for the move with triple digit gains of as much as 2% through Tuesday’s midday. There were no deliveries issued on FND for Feb fat cattle. USDA marked the oldest dated long at 3/22. USDA confirmed cash business from $173 to $178 last week, citing most action was ~$3 higher near $178.
Front month feeder cattle futures are also rallying through Tuesday with gains of as much as 1.4%. USDA cited good demand in the OKC Feeder Cattle Auction review, citing prices from +$4 to +$10 higher in the feeders and $5 higher in the calves compared to last week. The CME Feeder Cattle Index was 31 cents higher to $239.48 for 2/2.
USDA’s Wholesale Boxed Beef prices were up $2.24 in Choice and 43 cents in Select on Tuesday. Choice ribs were shown at $452.45 while the Select ribs were $413.81 in the AM update. The Monday cattle slaughter was listed at 125k head while last week was also 125k head and the same week last year was 118.5k head.
Feb 24 Cattle are at $182.400, up $2.675,
April 24 Cattle are at $185.425, up $3.075,
Jun 24 Cattle are at $182.450, up $1.975,
Cash Cattle Index was $178.740, from $175.00 last week
Mar 24 Feeder Cattle are at $245.325, up $2.575
April 24 Feeder Cattle are at $250.300, up $2.050
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