Live cattle futures are rallying back on Friday, with contracts $1 to $2.60 higher. December options expire today. Cash trade kicked off kicked off with $220-222 action in the north. Sothern action has been limited to bids of $218. The Friday morning Fed Cattle Exchange online auction showed dressed sales of $345 on 245 of the 1,428 head offered, with $220 live bids. Feeder cattle futures are continuing higher on Friday’s midday with contracts $2.00 to $2.85 higher. The CME Feeder Cattle Index was up another $4.02 to $341.80 on December 3.
Brazilian beef exports during November totaled 318,493 MT according to government data, up more than 90,000 MT from the year prior.
USDA reported Wholesale Boxed Beef prices lower in the Friday morning report, with the Chc/Sel spread widening to $13.20. Choice boxes were down 4 cents to $362.68, while Select was back down 84 cents at $349.48. USDA federally inspected cattle slaughter was estimated at 121,000 head for Thursday, with the weekly total at 475,000. That was well above last week due to the holiday but 9,974 head shy of the same week last year.
Dec 25 Live Cattle are at $224.050, up $2.600,
Feb 26 Live Cattle are at $225.525, up $1.525,
Apr 26 Live Cattle are at $226.350, up $1.175,
Jan 26 Feeder Cattle are at $338.600, up $2.025
Mar 26 Feeder Cattle are at $332.575, up $2.850
Apr 26 Feeder Cattle are at $331.325, up $2.725
