Live Cattle Futures Market News and Commentary
Fat cattle’s triple digit losses flipped the board to net red for the week’s move. Feb closed Friday down by $2.70, and was #$1.85 weaker wk/wk. Cash trade for the week was mostly $174-$175, UNCH to $1-2 weaker for the week.
Feeder cattle prices were down by over 2% on the last trade day of the week. Jan closed with a net $5.25 loss on Friday’s session, leaving the weekly chart on a $4.90 loss. The CME Feeder Cattle Index was $1.12 stronger for 11/30 at $225.89.
USDA quoted the Wholesale Boxed Beef prices at $297.46 for Choice ($5.92.98 cwt. for ribs) and $265.49 for Select (ribs @ $466.27 cwt.). That was down by $1.56 for Choice and up by 74 cents for Select for a $31.97 Chc/Sel spread. USDA reported the week’s beef production was 529.7 million lbs on a 635k head harvest. That was down 3.8% from last year, as the YTD total trails 2022 by 5.3% on output and 4.7% on slaughter.
Dec 23 Cattle are at $170.150, down $0.725,
Feb 24 Cattle are at $170.550, d... Read more