Cattle Close Red on Thursday

Following suit with the grain complex, live cattle faded from their early session highs during the afternoon and went home 55 to 95 cents in the red. For the April contract that amounted to a $1.92 ranged day after setting new LOC highs at $148.7. USDA reported cash trade on Thursday from $140 to $143 for the higher graded steers. Dressed business got up to $227 on Thursday for the higher graded cattle, though the bulk price was still mostly near $222. Feeder cattle also turned south in the afternoon too, ending the session with $0.85 to $1.55 losses. The CME Feeder Cattle Index was 61 cents higher on 2/8 to $162.04. 

USDA reported weekly beef export sales were 19,500 MT during the week during 2/3. That was down 3% wk/wk but was up by 11% yr/yr. Beef exports from the weekly data showed 14,579 MT. That left the YTD export at 68,464 MT – trailing last year by 19%. 

Wholesale Boxed Beef prices were still lower on Thursday afternoon, though the Chc/Sel spread widened to $5.87. Choice boxes dropped 97 cents and Select was down $3.10 in the PM report.  USDA has the FI cattle slaughter estimated at 488k head for the week through Thursday. That is up 11k head from the last week and 28k head more yr/yr. 

Feb 22 Cattle  closed at $142.350, down $0.550,

Jun 22 Cattle  closed at $141.600, down $0.875,

Mar 22 Feeder Cattle  closed at $166.725, down $1.550

Apr 22 Feeder Cattle  closed at $171.750, down $0.825