Cattle End Higher on Tuesday

At the close on Tuesday, front month live cattle futures were $0.47 to $0.67 in the black. That had the Feb contract at $142.90, or about a $2.90 premium to the cash market during deliveries. USDA did mention some light $142 for higher graded steers in NE, though cash trade remains mostly unestablished for the week. Feeder cattle futures were triple digits stronger on Tuesday, gaining back $1.05 to $1.85. The CME Feeder Cattle Index was 45 cents weaker on 2/14 to $162.71. 

Wholesale Boxed Beef prices were weaker on Tuesday afternoon, with a $3.59 drop in Choice and a 93 cent dip for Select. That left the Chc/Sel spread at the tightest since this time in 2020 (pre-pandemic) at $2.55. USDA estimated Tuesday’s FI cattle slaughter at 123k head. That sets the week’s kill at 244k head through Tuesday, compared to 243k head last week and just 169k during the same week last year. 

Feb 22 Cattle  closed at $142.900, up $0.475,

Jun 22 Cattle  closed at $142.125, up $0.675,

Mar 22 Feeder Cattle  closed at $168.725, up $1.850

Apr 22 Feeder Cattle  closed at $172.550, up $1.050