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.
Feb 26 Live Cattle closed at $234.525, down $2.100,
Apr 26 Live Cattle closed at $235.175, down $2.200,
Jun 26 Live Cattle closed at $230.025, down $2.050,
Jan 26 Feeder Cattle closed at $359.600, down $2.575,
Mar 26 Feeder Cattle closed at $355.500, down $3.525,
Apr 26 Feeder Cattle closed at $354.675, down $3.450,
