Cattle Slip at Midday

The cattle futures market has prices 32 to 72 cents in the red so far. Feeder cattle are down triple digits at midday. Jan feeders have 10 trade days left before expiration. The CME Feeder Cattle Index was down 17 cents to $136.05 on 1/12. The Central Stockyards weekly Fed Cattle Exchange auction sold 617 of the 1,532 head listed for a wtd ave price of $110.75 – all in TX. USDA reported cash deals on Wednesday ranging from $106 - $111. Most of the business was near $110-$111. The week’s weekly beef export bookings were reported at 16,835 MT. Wholesale Boxed Beef prices were higher in the AM report, widening the spread to $12.33. Choice boxes were up $2.49, and Select boxes are back above $200 to $201.16 on a $2.10 bump. USDA estimates WTD cattle slaughter under federal inspection at 349,000 head through Wednesday. That is up 2,000 wk/wk, but down from 370k head the same week last year.

Feb 21 Cattle are at $111.925, down $0.325,
Apr 21 Cattle are at $116.800, down $0.675,
Jun 21 Cattle are at $114.600, down $0.500,
Jan 21 Feeder Cattle are at $132.575, down $1.000
Mar 21 Feeder Cattle are at $133.350, down $0.975
Apr 21 Feeder Cattle are at $135.775, down $0.975

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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