
Fat cattle are trading 47 to 65 cents weaker through midday. The FCE auction this morning had 904 head listed, but again had no sales between $156 bids and $157-$158 asks. USDA reported Wednesday cash trade from $157 - $158 in the North, but maintained volumes were too light for a market test. Feeder cattle are $1 to $1.45 lower on the board so far. The CME Feeder Cattle Index was $181.01 for 1/09, up by 64 cents.
USDA’s monthly look at quarterly beef production showed an 2022 annual decrease of 115m lbs for a yearly beef output of 28.302 billion. Each of 2023’s quarters were upped from the December estimate, with +85m in Q2 alone. The full year figure for 2023 is 170m lbs higher at 26.445 billion.
USDA’s weekly Export Sales data had 13,328 MT of net beef sales after the unshipped 2022 bookings rolled over. The weekly data suggested the 2022 exports were a record 942k MT.
Wholesale Boxed Beef prices from USDA’s AM report were lower as Choice dropped $2.61 and Select was quoted $1.03 lower. USDA estimated the FI cattle slaughter at 383k head for the week through Wednesday. That is 42k head above the same week last year’s pace.
Feb 23 Cattle are at $157.150, down $0.600,
April 23 Cattle are at $160.800, down $0.525,
Jun 23 Cattle are at $156.750, down $0.575,
Jan 23 Feeder Cattle are at $182.100, down $1.025
Mar 23 Feeder Cattle are at $183.850, down $1.700
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. For more information please view the Barchart Disclosure Policy here.