Feeder Cattle Futures Market News and Commentary
Front month fat cattle futures were 37 to 57 cents higher on the day. For Dec that took the contract back to $152.42 – relative to the $152-156 cash market. USDA confirmed some Southern trade near $154 on Thursday, but the Southern deals remain limited for the week. Northern trade was mostly near $156 this week. Front month feeder cattle futures closed $1.75 to $2.57 in the black. The 12/07 CME Feeder Cattle Index was 21 cents higher to $179.23.
USDA’s Export Sales report tallied beef bookings at just 1,601 MT for 2022, as we near the end of the year. Sales for 2023, however, were a large 16,349 MT. Shipments were 16,864 MT, taking the full year’s total to 875k MT.
Wholesale Boxed Beef prices were mixed in the Thursday PM report, with Choice down by $1.68 to Select’s $0.78 cent increase. USDA estimated the week’s FI cattle slaughter at 508k head through Thursday. That is down 4k head from last week’s pace by up by 21k head from the same week last year.
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