Live cattle futures were back in rally mode on Wednesday, with contracts up $2.50 to $3.55. Open interest was up 4,080 contracts on Wednesday, suggesting new buying interest. Cash trade has been quiet this week, with a few sales of $243 in KS reported on Wednesday. The Fed Cattle Exchange online auction showed no sales on the 1,272 head offered, with bids of $238-240 on the hoof and $375 in the beef. Feeder cattle futures posted gains of $2.67 to $3.65 across the board on Wednesday. OI was up 1,247 contracts. The CME Feeder Cattle Index was back up 53 cents to $374.36 on February 10.
Wholesale Boxed Beef prices were mixed in the Wednesday afternoon report, with the Chc/Sel spread narrowing to $3.34. Choice boxes were down $1.63 to $365.92, while Select was 32 cents higher at $362.58. USDA estimated federally inspected cattle slaughter for Wednesday at 116,000 head, with the weekly total at 339,000 head. That is 3,000 head above last week and 567 head above the same week last year.
Feb 26 Live Cattle  closed at $242.350, up $3.250,
Apr 26 Live Cattle  closed at $240.975, up $3.550,
Jun 26 Live Cattle  closed at $236.575, up $2.775,
Mar 26 Feeder Cattle  closed at $367.450, up $2.675,
Apr 26 Feeder Cattle  closed at $364.600, up $3.325,
May 26 Feeder Cattle  closed at $360.425, up $3.650,
On the date of publication, Austin Schroeder 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.
/Pfizer%20Inc_%20logo%20sign-by%20JHVEPhoto%20via%20iStock.jpg)
/Netflix%20on%20tv%20with%20remote%20by%20freestocks%20via%20Unsplash.jpg)
