Thursday’s session ended with live cattle futures 7 to 27 cents weaker. The bonus FCE auction sold 681 of the 3,398 head listed for $137. The other pens went unsold on $137.50 to $138.50 asks. USDA maintains $137 for the bulk of cash sales this week. Some higher graded cattle went for $139, as the week’s full range has been $136 - $139. Feeder cattle ended the day 22 to 67 cents weaker. The CME Feeder Cattle Index was down another 4 cents on 1/19 to $161.20.
Going into the monthly CoF report, analysts surveyed anticipate seeing 0.2% fewer cattle on feed as of Jan 1 than in 2021. That implies 11.943m head on average. December placements are expected to be between even with and 5% above Jan ’21, with 2.6% the average. The average estimate for December marketings is 0.8% higher yr/yr.
Wholesale Boxed Beef prices for Thursday afternoon were $292.98 in Choice and $282.18 cwt. in Select. That was another $1.38 and $1.75 stronger for each respectively. USDA estimated FI cattle slaughter for the week through Thursday at 461k head. That is up from 455k last week but less than last year’s 473k head pace.
Feb 22 Cattle closed at $138.325, down $0.225,
Jun 22 Cattle closed at $138.375, down $0.100,
Jan 22 Feeder Cattle closed at $161.175, down $0.225
Mar 22 Feeder Cattle closed at $164.950, down $0.675
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