Live cattle futures are experiencing losses of 80 cents to $1.60 ahead of the USDA Cattle on Feed report, scheduled for release this afternoon. The cash trade this week has shown limited activity, with bids reaching $245 across the country. The Friday Fed Cattle Exchange auction reported no sales from the 1,394 heads offered, while feeder cattle futures fell by $2.50 to $3 at midday. As of February 18, the CME Feeder Cattle Index rose by 90 cents, bringing it to $376.92.
According to USDA, beef export sales dropped to a five-week low of 14,694 metric tons in the week of February 12, with shipments totaling 13,362 metric tons. Analysts expect January placements in the upcoming report to decline by 3.5% year-over-year and marketings to drop 12.9%. The February on-feed inventory is anticipated to be down 1.6% compared to last year.
In the latest USDA report, wholesale boxed beef prices increased, with Choice boxes rising by $1.50 to $366.67. The federally inspected cattle slaughter on Thursday was estimated at 112,000 head, contributing to a weekly total of 427,000 head, which is 27,000 head higher than the previous week but 14,584 head lower than the same week last year.
