Cattle Extend Highs on Friday as Cash Leads the Front Months

Live cattle futures were up another 42 cents to $1.37 on Friday, with Feb rallying $4.72 on the week. Cash trade was reported at $200-201in the South and live sales of $202-205 in the North and $320 in the beef. Feeder cattle futures posted gains across the board on Friday, with contracts up 75 cent to $1.10 and front month Jan up $3.125, on a stronger cash market. The CME Feeder Cattle Index was up another $3.55 from the day prior at $278.55 on January 9.  

Beef export sales totaled 5,599 MT in the week of January 2 to kick off the new year. Shipments totaled 10,980 MT in that week. Japan was the primary destination of 3,300 MT, with 2,800 MT to South Korea.

USDA wholesale Boxed Beef prices were higher in the Friday PM report, with the Chc/Sel spread narrowing to $18.70. Choice boxes were up $2.06 at $332.84/cwt, with Select $5.79 higher @ $314.14. USDA estimated federally inspected cattle slaughter for this week at 589,000 head through Saturday. That is 83,000 above last week and up 54,098 head from the same week last year.

Feb 25 Live Cattle  closed at $198.775, up $1.175,

Apr 25 Live Cattle  closed at $199.475, up $1.200,

Jun 25 Live Cattle  closed at $194.100, up $1.375,

Jan 25 Feeder Cattle  closed at $272.350, up $3.125,

Mar 25 Feeder Cattle  closed at $269.400, up $1.100,

Apr 25 Feeder Cattle  closed at $270.175, up $1.100,

On the date of publication,

here.
More news from Barchart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.