After a long weekend, the cattle futures market settled Tuesday with $0.45 to $1.17 gains. April contracts saw a $1.45 range on both sides of UNCH that saw another new contract high. USDA reported some light cash activity in NE and the WCB, with trades from $160 to $164, but mostly near $161. The FCE had 1,312 head listed this morning but saw no sales between $161 bids and $164 asks. Feeder cattle ended the week’s first trade day with 35 to 62 cent gains. USDA’s OKC Feeder Auction Review showed 8k head sold with stronger prices. The 650-700lb feeders were shown $10-$14 higher, with calves up $4-$7. The 2/20 CME Feeder Cattle Index was $182.59, up by 38 cents.  Â
Pre-report Cattle on Feed estimates expect NASS to find 3.5% fewer head in 1,000+ capacity feedlots for Feb 1. The full range of estimates is from a 4.3% to 0.5% drop yr/yr. Placements are expected to be 1.941m head for January, or 2.9% lower yr/yr. Survey respondents expect marketings were 3.9% higher on average, implying 1.842m head marketed in January.Â
Wholesale Boxed Beef prices were stronger in the PM report on Tuesday, with choice up by $4.31 to $287.20 and Select up by $2.79 to $270.84. USDA estimated FI cattle slaughter for Tuesday at 127k head for a WTD pace of 231,000. That is 20k head lighter than last week and 4k head below the same week last year.Â
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Feb 23 Cattle  closed at $164.750, up $1.175,
Apr 23 Cattle  closed at $165.100, up $0.450,
Jun 23 Cattle  closed at $160.875, up $0.750,
Mar 23 Feeder Cattle  closed at $186.875, up $0.350
Apr 23 Feeder Cattle  closed at $190.800, up $0.350
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. For more information please view the Barchart Disclosure Policy here.
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