Cattle Market Red at Midday

Front month cattle futures are trading 12 to 82 cents weaker so far with the nearbys down the most. The weekly FCE auction sold 379 of the 3,050 head listed for $137. One smaller pen of steers went for $129. The unsold cattle were stuck between $137-$138 asks and $135-$137 bids. USDA has confirmed cash trade from $134 to $138 so far for the week outside of the FCE. Feeders are trading mostly red as well save for a 7 cent gain in the Jan contract. The 1/07 CME Feeder Cattle Index was $161.98, 19 cents higher.   

Wholesale Boxed Beef prices continued higher this morning with another $1.05 bump to Choice and a $1.82 increase for Select. USDA estimated FI cattle slaughter at 114k head for Tuesday. That has the WTD total at 227k head, 3k above last week but 5,000 head under the same week last year. 

Feb 22 Cattle  are at $136.850, down $0.825,

Jun 22 Cattle  are at $136.475, down $0.375,

Jan 22 Feeder Cattle  are at $162.150, up $0.075

Mar 22 Feeder Cattle  are at $166.075, down $0.275