Live cattle futures saw Wednesday trade close with gains of 97 cents to $1.17 in the front months. Cash trade has been quiet so far this week. The Wednesday morning Fed Cattle Exchange online auction showed no sales on the 1,456 head offered and bids at $244-245. Feeder cattle futures posted midweek strength, though futures slipped off midday highs to close with gains of $1.20 to $2.17. The CME Feeder Cattle Index was down 62 cents to $374.79 on February 24.
Cold Storage data from Tuesday afternoon showed a total of 434.9 million lbs of beef stocks as of January 31, down 4.44% from last year but slightly above the previous month.
Wholesale Boxed Beef prices were higher in the Wednesday afternoon report, with the Chc/Sel spread widening to $12.16. Choice boxes were up $1.80 to $379.23, while Select was $1.06 higher to $367.07. USDA estimated Wednesday’s federally inspected cattle slaughter at 110,000 head, taking the weekly total to 327,000 head. That is 12,000 head above last week but 13,807 head below than the same week last year.
Feb 26 Live Cattle closed at $246.000, up $0.975,
Apr 26 Live Cattle closed at $240.275, up $1.175,
Jun 26 Live Cattle closed at $236.700, up $1.150,
Mar 26 Feeder Cattle closed at $366.300, up $1.200,
Apr 26 Feeder Cattle closed at $364.025, up $1.825,
May 26 Feeder Cattle closed at $360.650, up $2.175,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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