Cattle Bouncing Back So Far

So far for Thursday the cattle futures market is trading $1.05 to $1.45 higher. Feeders are also rebounding with a $2.82 gain in the March contract. The Thursday FCE had 974 head listed, but got no sales between %156 bids and $158 asks. USDA saw no cash trade for the week through Wednesday. The CME Feeder Cattle Index was 5 cents weaker on 1/31 at $180.37.  

Weekly Export Sales data from the USDA had beef bookings at 25,191 MT for the week that ended 1/26. That was even with last week and was a 25% increase over the same week last year. 19k MT were shipped through the week for a season total of 59,498 MT – that is 10% above last year’s record pace. 

Brazil’s Jan ’23 beef shipments were 160,191 MT. That was a 16% increase from January the year prior. 

Wholesale Boxed Beef prices from the AM report were firmer, with Choice up by 11 cents and Select 68 cents higher. USDA estimated FI cattle slaughter at 375k head for the week through Wednesday, which is down by 3k head from last week’s pace and remains 13k head above the same week last year. 

Feb 23 Cattle  are at $159.700, up $1.275,

April 23 Cattle  are at $163.675, up $1.450,

Jun 23 Cattle  are at $159.975, up $1.275,

Cash Cattle Index was $156.000, from $156.00 last week

Mar 23 Feeder Cattle  are at $186.150, up $2.900

April 23 Feeder Cattle  are at $189.975, up $2.025