Live cattle futures closed the midweek session with contracts up 97 cents to $1.32 across the board. Open interest was up 1,066 contracts on Wednesday. Cash trade has yet to get kicked off this week, with a few $236 bids showing up on Wednesday. It found its footing last week at $233 to $236.50 live and $370 dressed. Feeder cattle futures settled the Wednesday session with contracts $2.85 to $3.85, as January was up $1.25. January expires at the close. Open interest was up 1,417 contracts. The CME Feeder Cattle Index was back down $0.74 to $363.99 on January 27.
USDA’s wholesale Boxed Beef report from Wednesday afternoon was mixed, with the Chc/Sel spread widening to $6.17. Choice boxes were up $1.63 to $369.74, while Select was $1.62 lower at $363.57. Wednesday’s USDA federally inspected cattle slaughter was estimated at 112,000 head, with the weekly total at 324,000 head. That was 9,000 head below last week and 37,711 head shy of the same week last year.
Feb 26 Live Cattle closed at $236.825, up $1.225,
Apr 26 Live Cattle closed at $238.725, up $1.325,
Jun 26 Live Cattle closed at $234.450, up $1.200,
Jan 26 Feeder Cattle closed at $368.100, up $1.250,
Mar 26 Feeder Cattle closed at $365.850, up $3.850,
Apr 26 Feeder Cattle closed at $364.300, up $3.650,
