The cattle market had a correction on Wednesday, as fat cattle futures were down anywhere from $1.10 to $1.97. Feeder cattle also fell, with futures down $1.77 to $2.62. Cash trade has yet to be established this week, with last week hovering 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 mixed on Wednesday, with a $1.73 increase for Choice and a $1.28 drop in Select. That left the Chc/Sel spread at $9.98 in the PM update. USDA estimated FI cattle slaughter at 123,000 head for Wednesday, which brought the week-to-date total to 363,000 head. That is down 13,000 head from last week and was 9,408 head behind the same week last year.
Feb 24 Cattle closed at $182.400, down $1.350,
April 24 Cattle closed at $184.000, down $1.100,
Jun 24 Cattle closed at $181.120, down $1.425,
Cash Cattle Index was $182.000, from $178.74 last week
Mar 24 Feeder Cattle closed at $246.225, down $1.775
April 24 Feeder Cattle closed at $249.600, down $2.150
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