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Barchart
Austin Schroeder

Cattle Look to Thursday After Wednesday Weakness

Live Cattle Fed Cattle Exchange Feeder Cattle South USDA

Live cattle futures posted losses of $2 to $2.20 in the front months on Wednesday. Open interest was up just 214 contracts. Cash trade has been quiet so far this week with bids of $232 so far in the South. The Wednesday morning Fed Cattle Exchange online auction showed just 1 lot sold at $360.50 dressed, with bids of $230-232 live. Feeder cattle futures closed the Wednesday session with contracts down $2.50 to $3.55. OI rose 160 contracts. The CME Feeder Cattle Index was up another $0.78 to $363.15 on January 6. 

USDA Wholesale Boxed Beef prices were mixed in the Wednesday afternoon report, with the Chc/Sel spread widening back out to $5.00. Choice boxes were up $3.03 to $3524.28, while Select was $1.80 lower at $349.28. Tuesday’s USDA federally inspected cattle slaughter was estimated at 115,000 head, with the week to date total at 348,000 head. That was a 13,000 head increase from last week but 9,543 head below last year. 

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