Live cattle futures are trading with stronger midday action in Friday, up 50 to 75 cents in the nearbys. Cash trade has been slow this week, with Thursday sales at $199 in the South and North trade at $199.50-200. Feeder cattle are posting $1.50 to $2 higher trade so far at midday. The CME Feeder Cattle Index was up another 30 cents on February 19 at $278.81.
Beef export sales totaled 21,481 MT in the week of February 13, up 64% from the week prior. Japan purchased a total of 9,800 MT, with 3,400 MT sold to South Korea. Export Shipments were 14,193 MT, a 4-week low. The largest destination was Japan at 4,100 MT, with 3,800 MT to South Korea.
Friday’s afternoon’s cattle on Feed report is expected to show a drop of 0.8% from the year prior as of February 1. Placements in January are expected to be up 2.2%, with marketings up 2.1%.
USDA’s National Wholesale Boxed Beef report was mixed on Friday morning, as the Chc/Sel spread was tightening at $7.79. Choice boxes were down another 76 cents at $311.87/cwt, with Select up 90 cents to $304.08. The Thursday Federally inspected cattle slaughter was estimated at 117,000 head, taking the week to date total to 447,000 head. That is down 7,000 head from the previous week and 13,012 head below the same week last year.
Feb 25 Live Cattle are at $198.300, up $0.675,
Apr 25 Live Cattle are at $194.475, up $0.675,
Jun 25 Live Cattle are at $190.725, up $0.750,
Mar 25 Feeder Cattle are at $268.500, up $1.675
Apr 25 Feeder Cattle are at $268.225, up $1.850
May 25 Feeder Cattle are at $266.825, up $1.750
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 Barchart
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