Cattle Close Higher for Tuesday

Live cattle futures were 62 to 90 cents higher on Tuesday coming out of the NASS report. The Feb contract had traded within a $1.35 range, and the April fats printed a $1.97 range on Tuesday which set a new LOC high. Bears emphasized the large on feed numbers in the Inventory report, while bulls focused on the shrinking beef cow herd and calf crop. USDA reported light cash trade in the North from $137 - $141, though it was not enough for a market test. Feeder cattle futures were $0.62 to $0.92 higher on the day. The CME Feeder Cattle Index was back up by 33 cents on 1/31 to $158.77. 

Wholesale Boxed Beef prices dropped for Tuesday, with Choice $4.96 weaker and Select $3.05 lower. The Chc/Sel spread is now $5.22 cwt. USDA estimates Tuesday’s FI cattle slaughter at 121k head. That has the WTD kill at 241k head, or 8k more than last week and 7k more than the same week last year. 

Feb 22 Cattle  closed at $140.300, up $0.725,

Jun 22 Cattle  closed at $139.975, up $0.900,

Mar 22 Feeder Cattle  closed at $163.700, up $0.675

Apr 22 Feeder Cattle  closed at $169.150, up $0.700