Live cattle futures saw gains on Monday, with contracts closing $1 to $1.25 higher. Open interest was down 948 contracts on Monday. 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.
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.
