Cattle futures were lower on Thursday as traders squared up positions ahead of today’s USDA Cattle on Feed report. Fats stayed 47 cents to $1.15 weaker for the bell, with April 30 cents of the session low. Feeders finished in the black on Thursday, after March printed a $3.03 intraday range. CME had 48 contracts retendered for Feb cattle futures deliveries. Cash trade has been limited for the week through Thursday, with a few near $180. The CME Feeder Cattle Index increased by $1.83 to $244.49.
Analysts are looking for the NASS Cattle on Feed report to show February’s count 0.1% above Feb ’23 on average. That’s ~11.716m head barring revisions. Placements are expected to be down by 11.6% from last year and Jan marketings are expected to be 0.2% lower yr/yr.
USDA’s Boxed Beef prices were stronger on Thursday with $1.99 stronger Choice and $1.35 stronger Select. USDA reported FI cattle slaughter at 472k head for the week through Thursday. That compares to 486k head last week, and is 1.5k head below the same week last year.
Feb 24 Cattle closed at $183.500, down $0.475,
Apr 24 Cattle closed at $186.550, down $1.150,
Jun 24 Cattle closed at $182.700, down $0.600,
Mar 24 Feeder Cattle closed at $252.050, up $0.700
Apr 24 Feeder Cattle closed at $256.700, up $0.775
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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