Live Cattle Futures Market News and Commentary
The live cattle futures were $0.85 to $2.52 higher across the front months. April led the way and set a new contract high. USDA had no cash trade to report for Monday, maintaining $156 as last week’s market for the South and $248 for the Northern dressed market.
Feeder cattle also traded triple digits higher, but faded into the close. The front months settled 45 to 90 cents higher on Monday. USDA reported light volumes from the OKC Feeder Cattle Auction review citing winter weather. The report had only 2,750 head traded – compared to 9k last week and 11k last year, for prices steady to $3 lower. The 1/27 CME Feeder Cattle Index was $179.88, up by 31 cents.
Wholesale Boxed Beef prices for Monday afternoon were $268.10 in Choice and $251.52 in Select – up by 34 and 98 cents respectively. USDA estimates the FI cattle slaughter for Monday as 126k head. That is up by 2,000 from last week and from 119k head during the same Monday last year.
Feb 23 Cattle closed at $1... Read more