Live cattle futures are rallying on Wednesday, with contracts up $2.85 to $3.52 at midday. Cash trade has been quiet this week. The Fed Cattle Exchange online auction showed no sales on the 1,272 head offered, with bids of $238-240 on the hoof and $375 in the beef. Feeder cattle futures are trading with gains across most contracts on Wednesday, up $2.60 to $3.50 in the front months. The CME Feeder Cattle Index was back down 83 cents to $373.83 on February 6.
Wholesale Boxed Beef prices were mixed in the Wednesday morning report, with the Chc/Sel spread narrowing to $3.05. Choice boxes were down 41 cents to $367.14, while Select was $1.19 higher at $364.09. USDA estimated federally inspected cattle slaughter for Tuesday at 116,000 head, with the weekly total at 223,000 head. That is even with last week and 4,183 head above the same week last year.
Feb 26 Live Cattle are at $242.275, up $3.175,
Apr 26 Live Cattle are at $240.950, up $3.525,
Jun 26 Live Cattle are at $236.650, up $2.850,
Mar 26 Feeder Cattle are at $367.450, up $2.675
Apr 26 Feeder Cattle are at $364.600, up $3.325
May 26 Feeder Cattle are at $360.250, up $3.475
