Cattle started the Tuesday session with gains, working Feb up to $158.42 – a new contract high, before fading into a mixed close. Feb fats stayed up by 12 cents for the bell, but the other nearbys were UNCH to 17 cents lower. There have still been no Dec cattle deliveries, as the contract is set to roll off the board on Friday. USDA had no cash sales reported for Tuesday, last week’s sales were mostly $155-156 in the South and $157 in the North. Feeder cattle futures ended the session $0.82 to $1.35 in the red. The CME Feeder Cattle Index for 12/23 was 38 cents weaker to $176.37.
NASS reported 11.673m head of cattle were in 1,000+ head feedlots on December 1. That was a 2.6% drop from Dec ’21, but the trade was looking for a 2.8% drop on average going in. Placements were 2.14% lighter yr/yr and marketings were a 1.18% increase.
USDA’s wholesale Boxed Beef prices were sharply higher in Choice with an $8.09 increase to $280.04 cwt. Select boxes were 17 cents higher, as the spread widened to $34.40. USDA’s estimate for the FI cattle slaughter is 134k head through Tuesday, as Monday was light in recognition for the holiday.
Dec 22 Cattle closed at $156.825, down $0.075,
Feb 23 Cattle closed at $157.875, up $0.125,
Apr 23 Cattle closed at $161.825, up $0.000,
Jan 23 Feeder Cattle closed at $183.100, down $0.900
Mar 23 Feeder Cattle closed at $185.400, down $1.350
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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