Feb fats are $1.22 in the black for their final day of trading, preliminary OI data suggests just 98 contracts remained open as of 2/25. The other front month cattle futures are down triple digits with losses of as much as $1.77 so far. Last week’s bulk cash price was mostly $142, though the full range of cash sales were from $138 to $144. Feeder cattle futures are trading with sharp midday losses of as much as $4.40. The 2/24 CME Feeder Cattle Index was another $1.24 weaker ot $160.58.
NASS reported cattle on feed at 12.199m head for Feb 1. That was an all time record high for any month. For placements, NASS reported Jan at 1.999m head or a 1.24% drop yr/yr. January’s marketings were 3.06% below 2021.
Wholesale Boxed Beef were mixed in the morning report, with Choice back up by 7 cents and Select down by another 13. USDA estimated the week’s federally inspected cattle slaughter at 647k head through Saturday. That is 3k below last week and 18k head below the same week last year.
Feb 22 Cattle are at $140.500, up $1.225,
Jun 22 Cattle are at $136.725, down $1.575,
Mar 22 Feeder Cattle are at $156.775, down $3.250
Apr 22 Feeder Cattle are at $160.275, down $4.475
