Live Cattle (Pit) Futures Market News and Commentary
Live cattle closed near their highs for the day with +$1 gains. April rebounded the most with a $1.60 gain on the day, for a new contract high. At the close, feeder cattle were up $1.85 to $2.67 leaving the March contract at a net $2.45 gain for the week so far. The Thursday FCE had 974 head listed, but got no sales between $156 bids and $158 asks. USDA reported light cash trade in the WCB mostly near $154 on Thursday. The CME Feeder Cattle Index was back up by 53 cents on 2/01 to $180.90.
Weekly Export Sales data from the USDA had beef bookings at 25,191 MT for the week that ended 1/26. That was even with last week and was a 25% increase over the same week last year. 19k MT were shipped through the week for a season total of 59,498 MT since January 1 – that is 10% above last year’s record pace.
USDA showed Wholesale Boxed Beef prices were $265.10 for Choice and $253.66 for Select after a 3 and 88 cent increase respectively. USDA estimated FI cattle slaughter at 500k... Read more