Feeder Cattle Futures Market News and Commentary
Live cattle futures were mixed, April futures were 45 cents higher, while Dec and Feb posted 15 to 17 cent losses. Feeder cattle futures gave back back some of yesterday’s triple digits gains, posting losses of as much as $0.22 in the front months. The 12/11 CME Feeder Cattle index was at $143.31 with a 31-cent drop. Beef export sales totaled 11,898 MT and was 41.8% lower than the 5-week average. Afternoon boxed beef prices are still weak. Choice boxes were a flat $3 lower this afternoon, while select boxes dropped by $1.16. Cash cattle negotiations show $118 bids in TX, with asks still in the $121-$122 range. Cash cattle sales were reported at 119 in TX and KS on Thursday afternoon, while the USDA indicated some 117 action. Dressed sales were listed at $188 -$194. The FCE will hold a Friday sale this week, with showlists totaling 977 head so far. The USDA estimates week to date FI cattle slaughter at 386,000 head through Thursday, that is 9,000 head above last week’s pace.
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