Cattle Futures Drift Lower, No Delivery Notices on FND

After trading firm to higher through midday, live cattle futures turned south and ended the day 22 to 47 cents in the red. Monday was FND for the Feb contract, preliminary OI was 18,433 contracts as of the 2/4 settle. There were no delivery notices. USDA reported the cash market for Monday as mostly inactive with just some limited $224 dressed trade in the WCB. Front month feeder cattle futures ended the day $0.32 to $1.15 in the red. The CME Feeder Cattle Index from 2/4 was $160.14 after a 3 cent dip. 

Wholesale Boxed Beef prices weakened again on Monday afternoon, which widened the Chc/Sel spread to a still tight $3.92. Choice boxes were $278.96 after dropping 85 cents, while elect boxes pulled back by $1.01. Federally inspected cattle slaughter was estimated at 121k head for the Monday, compared to 120k last week and 113k from the same week last year.  

Feb 22 Cattle  closed at $141.825, down $0.225,

Jun 22 Cattle  closed at $141.100, down $0.275,

Mar 22 Feeder Cattle  closed at $165.025, down $1.075

Apr 22 Feeder Cattle  closed at $170.275, down $1.150