Live cattle futures are trading with 80 cents to $1.60 losses ahead of the USDA Cattle on Feed report this afternoon. Cash trade has been quiet so far this week, with a few bids of $245 across the country so far. The Friday Fed Cattle Exchange auction showed no sales on the 1,394 head offered, with limited bids of $245-246 live and $380.50 dressed. Feeder cattle futures are falling $2.50 to $3 at midday. The CME Feeder Cattle Index was up 90 cents to $376.92 on February 18.
Export Sales data from USDA showed a total of 14,694 MT of beef sold in the week of February 12, a 5-week low. Shipments were 13,362 MT in that week.
Cattle on Feed data will be released this afternoon, with traders looking for January placements down 3.5% from last year and marketings dropping 12.9%. February on feed inventory is estimated down 1.6% vs. a year ago.
Wholesale Boxed Beef prices were higher in the Friday morning report, with the Chc/Sel spread widening to $5.62. Choice boxes were back up $1.50 to $366.67, while Select was $1.26 higher to $361.05. USDA estimated Thursday’s federally inspected cattle slaughter at 112,000 head, taking the weekly total to 427,000 head. That is 27,000 head above last week and 14,584 head below the same week last year.
Feb 26 Live Cattle are at $246.700, down $0.800,
Apr 26 Live Cattle are at $241.825, down $1.600,
Jun 26 Live Cattle are at $237.375, down $1.500,
Mar 26 Feeder Cattle are at $367.475, down $2.800
Apr 26 Feeder Cattle are at $364.575, down $3.075
May 26 Feeder Cattle are at $361.000, down $2.575
