Live cattle futures are extending the rally on Friday, with contracts up $1.70 to $3.70. A few cash sales were reported early this week at $201 in the South, with some at $202. Northern trade has jumped up to $205-212, with a bulk at $210-212. Feeder cattle futures are up $1.80 to $2.40. The CME Feeder Cattle Index was back down 63 cents from the day prior at $277.55 on January 22.
Export Sales data showed a total of 15,140 MT in the week ending on January 16, the largest in over a month. China was the largest buyer of 3,900 MT, with 3,200 MT sold to Japan and South Korea. Export Shipments were tallied at 11,773 MT. South Korea was the buyer of 3,100 MT, with 2,700 MT headed to Japan.
Cattle on Feed data will be released this afternoon, with analysts surveyed by Reuters estimating December placements steady with a year ago, with a wide range of estimates from down 9.9% to up 6.8%. December marketings are seen up 1.3% from December 2023, with January 1 on feed inventory expected to be down 0.4% vs. a year ago.
USDA wholesale Boxed Beef prices were higher in the Friday AM report, with the Chc/Sel spread @ $12.64. Choice boxes were down $2.19 at $328.77/cwt, with Select $1.08 lower @ $316.13. USDA estimated federally inspected cattle slaughter on Thursday at 123,000 head, taking the weekly total to 486,000 head. That is 2,000 head below last week and up 1,658 head from the same week last year.
Feb 25 Live Cattle are at $204.800, up $3.700,
Apr 25 Live Cattle are at $203.000, up $2.275,
Jun 25 Live Cattle are at $197.400, up $1.700,
Jan 25 Feeder Cattle are at $278.875, up $1.800
Mar 25 Feeder Cattle are at $275.900, up $1.825
Apr 25 Feeder Cattle are at $274.825, up $2.375
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
