Live Cattle (Pit) Futures Market News and Commentary
At the close on Wednesday, the live cattle futures market was mixed but within 22 cents of UNCH. Feb and April bounced to new contract highs on the day, but closed just 22 and 10 cents higher respectively. The other nearby contracts were slightly in the red at the bell. The Wednesday FCE auction sold 1 pen of 212 TX steers for $159, with the rest going unsold between $158-159 bids and +$160 asks. USDA reported some NE sales near $157 on Wednesday, with a weekly range of $157-$159 across all feeding regions. Front month feeder cattle went home 37 to 75 cents weaker on Wednesday. The CME Feeder Cattle Index was 6 cents stronger at $182.29 for 2/07.
USDA revised their Q1 outlook for beef production to 6.83b lbs, up by 140 million. Q2 was trimmed by 90m for a net yearly increase of 50m lbs to 26.495 billion. Last year’s beef production was 28.290 billion lbs.
Wholesale Boxed Beef prices were 48 cents higher in Choice and $4.17 weaker in Select this afternoon for a Chc/Sel s... Read more