Live cattle futures are up 70 to 95 cents in the front months on Wednesday. Cash trade has yet to get kicked off this week, with a few $236 bids showing up on Wednesday. It found its footing last week at $233 to $236.50 live and $370 dressed. Feeder cattle futures closed are up $1.10 to $2.50 so far on Wednesday. The CME Feeder Cattle Index was up $1.16 to $364.73 on January 26.
USDA’s wholesale Boxed Beef report from Wednesday morning was mixed, with the Chc/Sel spread widening to $5.52. Choice boxes were up $1.14 to $369.25, while Select was $1.46 lower at $363.73. Tuesday’s USDA federally inspected cattle slaughter was estimated at 112,000 head, with the weekly total at 212,000 head. That was 7,000 head below last week and 24,878 head shy of the same week last year.
