Live cattle closed the Tuesday session with contracts 37 to 97 cents lower. Feeders were down 82 cents to $1.42, as they faltered to weakness. There are still no deliveries issued against Feb cattle, as CME confirmed the oldest dated long is now 11/27. Cash trade last week hovered around the $180-183 range, with most exchanging hands around $182. The CME Feeder Cattle Index was up 81 cents on February 12 to $246.87.
USDA’s Wholesale Boxed Beef prices were lower in the Tuesday PM report. Choice boxes were down $1.81 to $292.27/cwt, with Select $1.72 lower at $287.30. The Chc/Sel spread has narrowed down to $6.97. USDA estimated FI cattle slaughter at 125,000 head for Tuesday, which brought the week-to-date total to 240,000 head. That is down 10,000 head from last week and was 8,835 head behind the same week last year.
Feb 24 Cattle closed at $183.750, down $0.500,
Apr 24 Cattle closed at $185.100, down $0.825,
Jun 24 Cattle closed at $182.550, down $0.975,
Mar 24 Feeder Cattle closed at $248.000, down $0.825
Apr 24 Feeder Cattle closed at $251.750, down $1.425
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