Live cattle futures saw Wednesday weakness with contracts down 20 to 95 cents at the close. Open interest was up 262 contracts, suggesting a rotation of ownership. Cash trade has yet to get kicked off this week. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,024 head offered, as bids were $233-235 live and $369 in the beef. Feeder cattle futures were up $1.57 in the March contract, which expires on Thursday, with other contracts down 65 cents to $1.77. Open interest was up 1,455 contracts. The CME Feeder Cattle Index was up 19 cents to $361.78 on March 24.
Cold Storage data was out on Tuesday afternoon, with 413.34 million lbs of beef stocks on February 28, the lowest since 2014.
