Live cattle futures saw gains on Monday, with contracts closing $1 to $1.25 higher. Cash trade found its footing last week at $233 to $236.50 live and $370 dressed. Feeder cattle futures closed the Monday session with contracts $1.90 to $2.50 higher across the front months. The CME Feeder Cattle Index was up just 9 cents to $363.57 on January 23.
The monthly Cattle on Feed report showed December placements down 5.38% from last year at 1.554 million head. Marketings during the month were up 1.78% yr/yr to 1.773 million head. January 1 on feed was 11.45 million head, down 3.15% from last year. We got a breakdown of steers and heifers this month, with Jan 1 inventory of heifers down 3.07% from last year (vs. steers down 3.22%) and a ratio of 38.73%, up from 38.70% last year.
USDA’s wholesale Boxed Beef report from Monday afternoon saw prices mixed, with the Chc/Sel spread narrowing to $1.78. Choice boxes were down 2 cents to $368.90, while Select was $4.73 higher at $367.12. Monday’s USDA federally inspected cattle slaughter was estimated at 100,000 head. That was 5,000 head below last Monday and 13,256 head shy of the same week last year.
Feb 26 Live Cattle closed at $236.025, up $1.125,
Apr 26 Live Cattle closed at $238.000, up $1.075,
Jun 26 Live Cattle closed at $233.625, up $1.125,
Jan 26 Feeder Cattle closed at $366.700, up $1.900,
Mar 26 Feeder Cattle closed at $362.600, up $2.425,
Apr 26 Feeder Cattle closed at $361.200, up $2.450,
