Nearby fat cattle futures are giving some of Tuesday’s triple digit gains back with $1.07 to $1.52 losses at midday. There were no deliveries issued on FND for Feb live cattle futures and none overnight. The CME showed the oldest dated long is now at 4/18/23. There were no cash trades through Tuesday, from the $176-$179 sales last week. Feeder cattle futures are also fading on Wednesday with $0.85 to $1.20 losses so far. The CME Feeder Cattle Index for 2/5 was a dime stronger at $239.58.
December beef shipments were listed at 252.3 million lbs according to Census data. That was a 4-month high and 10% above November, but was a 5.3% decrease from Dec ’22 as an 8-yr low for the month.
USDA’s Wholesale Boxed Beef prices increased on Wednesday with Choice $1.39 stronger to $295.46 and Select 35 cents stronger to $284.95. The federally inspected cattle slaughter was 125k head for Tuesday, setting the week’s total at 250k head. That compares to 252k head last week and 244k head during the same week last year.
Feb 24 Cattle are at $182.300, down $0.700,
April 24 Cattle are at $184.800, down $1.275,
Jun 24 Cattle are at $182.125, down $1.000,
Cash Cattle Index was $178.740, from $175.00 last week
Mar 24 Feeder Cattle are at $245.550, down $1.125
April 24 Feeder Cattle are at $250.850, down $0.850
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