Cattle Trading Higher for Midday

Fat cattle futures were initially lower on Tuesday out of the NASS report, but have rallied back to 80 to 97 cent gains for midday. USDA did not mention any cash trade for Monday. Feeder cattle futures are also firmer at midday, trading 15 to 52 cents in the black so far. The CME Feeder Cattle Index for 1/28 was $158.44, down by another 22 cents. 

NASS reported 91.901m head of cattle for the national herd as of January 1st. That was down 2% from January 2021, and just below the average of estimates. The replacement heifers for beef were 5.611m head or 3.7% lighter yr/yr. 

Wholesale Boxed Beef prices were weaker this morning with Choice dropping $3.99 to $286.41 cwt. and Select $1.76 weaker at $281.51. Choice rib primals were also back below $400 cwt. in the AM report. USDA estimated the week’s federally inspected cattle slaughter at 120k head for Monday. That compares to 115k head last week and 116k head from the same week last year. 

Feb 22 Cattle  are at $140.400, up $0.825,

Jun 22 Cattle  are at $139.950, up $0.875,

Mar 22 Feeder Cattle  are at $163.275, up $0.250

Apr 22 Feeder Cattle  are at $168.550, up $0.100