Live cattle futures were in rally mode, up $2.30 to $2.75 across the nearbys on Monday. Open interest showed new buying, up 2,855 contracts. Cash trade settled in last week at $238-240 live across the country and $375-378 dressed. Early action this week has been quiet with most compiling showlists. Feeder cattle futures saw stronger trade on Monday, with contracts up $5.22 to $6.07 in the front months. OI was down 994 contracts. The CME Feeder Cattle Index was up another $3.82 to $374.41 on January 30. Monday’s OKC feeder cattle auction showed 2,624 head sold, with sales up $4-12 for feeder steers and $3-8 higher on feeder heifers, with calves reported steady.
Wholesale Boxed Beef prices were mixed in the Monday PM report, with the Chc/Sel spread narrowing to $3.30. Choice boxes were up $2.65 to $368.21, while Select was $2.97 higher at $364.91. USDA reported federally inspected cattle slaughter at 108,000 head for Monday. That was 8,000 head above last Monday but 5,428 head shy of the same Monday last year.
Feb 26 Live Cattle closed at $238.175, up $2.325,
Apr 26 Live Cattle closed at $239.525, up $2.725,
Jun 26 Live Cattle closed at $234.250, up $2.525,
Mar 26 Feeder Cattle closed at $366.350, up $6.075,
Apr 26 Feeder Cattle closed at $364.175, up $5.900,
May 26 Feeder Cattle closed at $360.350, up $5.225,
