Feeder Cattle Futures Market News and Commentary
At the closing bell for the midweek session, live cattle futures were off their intraday highs, but still $.12 to $1.12 in the black. December was the weakest. Central Stockyards is hosting a bonus Thursday auction as the FCE online auction resulted in no sales for the 1,868 head listed. Feedlots were consistent at $140 ask, while bids were capped at $138.50. Cash trade has been limited for the week through Wednesday, with some $138 deals reported, and light $135 - $140 sales earlier in the week. Feeder cattle closed $0.97 to $1.62 higher in the front months, with April going home above $170 for the first time since Sep 1. The CME Feeder Cattle Index was $162.46 on 11/29 after a $1.17 bump.
Wholesale Boxed Beef prices were quoted weaker in the PM report. Choice was down by $1.46 and Select was $2.32 weaker. USDA estimates FI cattle slaughter at 365k head for the week through Wednesday. That matches last week’s pace and remains 6,000 ahead of the same week last year.
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