Cattle Market Red for Midday

So far for Thursday, live cattle futures are trading 2 to 30 cents weaker. Feb and April contracts are the firmest, while the October contract is down the hardest. The bonus Thursday auction from Central Stockyards had 489 head sold of the 2,686 head listed with $136 as the average price. A pen of higher graded heifers were bid up to $137, but most bids were capped at $136.50. Outside of the FCE, USDA had some light Wednesday cash activity from $136 to $138 for some higher graded steers. Sales in KS were mostly $1 weaker at $136, while NE was mostly steady at $137. Feeder cattle prices are 27 to 52 cents in the red at midday, save for a 25 cent gain in the Jan contract. Jan feeders roll off the board at the close, and will be settled against the index on Friday. The CME Feeder Cattle Index for 1/25 was $159.50, down by another 27 cents. 

Export Sales data from the week that ended 1/20 showed 14,273 MT of beef was booked. That was up 11% wk/wk, but was just half of the same week last year. South Korea and Japan were the week’s top buyers. Japan was also the top destination for the 14,302 MT shipped during the week with 4.1k MT. 

Wholesale Boxed Beef prices were weaker this morning, as Choice dropped $1.03 to $288.43 cwt. and Select was 38 cents weaker. USDA estimated FI cattle slaughter for the week through Wednesday at 351,000 head. That is 6k more on the week and trails the same week last year by 2,000 head. 

Feb 22 Cattle  are at $138.000, down $0.050,

Jun 22 Cattle  are at $136.900, down $0.150,

Jan 22 Feeder Cattle  are at $159.000, up $0.275

Mar 22 Feeder Cattle  are at $160.300, down $0.500