Thursday’s session ended the day with 20 to 45 cent losses. The FCE auction had 904 head listed, but again had no sales between the $156 bids and $157-$158 asks. USDA saw $156-$159 trades on Thursday, with $250-$252 in the beef. Cash sales remain light this week. Feeder cattle went home $0.77 to $1.27 lower on the board. The CME Feeder Cattle Index was up by 4 cents on 1/11 to $182.36.
USDA’s monthly look at 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.
Wholesale Boxed Beef prices were down $3.24 in Choice to $277.49 and $1.09 in Select to $257.01. USDA estimated the FI cattle slaughter for the week through Thursday at 505k head. That compares to 457k head during the same week last year.
Feb 23 Cattle closed at $157.550, down $0.200,
Apr 23 Cattle closed at $160.925, down $0.400,
Jun 23 Cattle closed at $156.925, down $0.400,
Jan 23 Feeder Cattle closed at $182.125, down $1.000
Mar 23 Feeder Cattle closed at $184.275, down $1.275
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.
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