Feeder Cattle Mar '23 (GFH23)
Feeder Cattle Futures Market News and Commentary
Cattle started the new week with gains, closing out Monday up by 17 to 55 cents in the front months. There were no deliveries issued against Feb fats on first notice day, as CME showed the oldest long dated 12/29 of 2021. Light cash trade was reported at $160 on Friday, and $159 again today.
Feeder cattle futures closed the first trade day of the new week with $0.75 to $1.60 gains. USDA’s OKC Feeder Cattle Auction review showed 8k head of feeder cattle were sold, compared to 2.4k last week. Of the sale, 70% were below 600 lbs. The 2/03 CME Feeder Cattle Index was $181.29, down by 16 cents.
Wholesale Boxed Beef prices were shown at $266.57 in Choice, up by $1.83 cwt., and $253.72 in Select, up by $2.11 cwt. USDA estimated Monday’s FI cattle slaughter at 120,000 head. That is down 1,000 from last week and 3,000 head lighter than the same week last year.
Feb 23 Cattle closed at $160.825, up $0.550,
Apr 23 Cattle closed at $164.475, up $0.350,
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