**Live Cattle and Feeder Cattle Market Update — January 15, 2023**
Live cattle futures closed the session on January 13 with significant drops, specifically $3.90 to $4.50 lower, and February contracts decreased by $1.57 over the week. Cash trade prices ranged from $232 to $235 in the North and around $233 in the South. Feeder cattle also declined sharply, with prices down $6.50 to $8.10, though January contracts were still up by $1.20.
USDA’s weekly cattle slaughter was estimated at 562,000 head, exceeding last week’s count by 9,000 but falling short by 39,259 compared to the same week last year. In addition, managed money increased its net long position in live cattle futures by 6,555 contracts to a total of 101,316 contracts as of January 13. Conversely, feeder cattle saw a reduction in net long positions by 530 contracts, totaling 16,308 contracts.
USDA’s APHIS reported multiple New World Screwworm cases in Mexico, including six new cases in Tamaulipas, bringing active cases in that state to eight. The markets will be closed on January 16 for Martin Luther King Jr. Day.
