Cattle Cautiously Higher at Midday

The front month live cattle futures market is trading 10 to 50 cents higher so far through midday. April fats have seen a $2.80 range so far for the day. CME reported a contract of heifers to be delivered to West Point. CME confirmed 16 deliveries against Feb cattle have been completed of the 49 total issued MTD. Feeders are currently 10 to 90 cents weaker. USDA’s OKC Feeder Auction Review showed 11.4k head were sold with $2-$5 higher prices. USDA confirmed cash trade from $180.50 to $184 on Friday with solid volume. The bulk of the week’s action took place mostly $2-$3 higher near $182. The CME Feeder Cattle Index increased by another 51 cents on 2/22 to $245 flat.  

The monthly Cattle on Feed report showed 11.797m head were on feed on Feb 1. That was 0.4% above the Feb ’23 count and a few more than expected pre-report. Placements came in 7.4% below last year compared to the expected 11.6% drop, with 1.792m head placed in Jan. Jan marketings were 1.844m head.

USDA’s Boxed Beef prices remained stronger on Monday morning, with a $1.45 increase for Choice and a $1.81 increase for Select. USDA listed the week’s beef output at 491.8 million lbs, compared to 506.9m last week and 506.1m during the same week last year. Slaughter was down by 2.5% and by 3.4% respectively with 593k head harvested. 

Feb 24 Cattle  are at $186.100, up $0.500,

April 24 Cattle  are at $188.575, up $0.675,

Jun 24 Cattle  are at $184.150, up $0.275,

Cash Cattle Index was $179.000, from $- last week

Mar 24 Feeder Cattle  are at $254.000, down $0.575

April 24 Feeder Cattle  are at $259.700, down $0.275