Live cattle futures rallied on Wednesday, with contracts up $4.20 to0 $4.50 at the close. Cash trade has yet to be reported so far this week. Wednesday morning’s Fed Cattle Exchange online auction showed no sales on the 1,224 head, with bids at $238. Feeder cattle futures posted midweek gains of $6.70 to $7.65 on Wednesday. The CME Feeder Cattle Index was down another 66 cents to $368.93 on March 3.
Wholesale Boxed Beef prices were higher in the Wednesday afternoon report, with the Chc/Sel spread narrowing to $8.22. Choice boxes were up 52 cents to $388.57, while Select was $1.77 higher to $380.35. USDA estimated federally inspected cattle slaughter for Wednesday at 111,000 head, with the week to date total at 322,000 head. That is 2,000 head below the previous week and 22,566 head shy of the same week last year.
Apr 26 Live Cattle closed at $238.350, up $4.225,
Jun 26 Live Cattle closed at $235.175, up $4.500,
Aug 26 Live Cattle closed at $233.225, up $4.325,
Mar 26 Feeder Cattle closed at $363.925, up $6.725,
Apr 26 Feeder Cattle closed at $360.750, up $7.450,
May 26 Feeder Cattle closed at $357.000, up $7.650,
