On Wednesday, February live cattle futures closed at an all-time high of $200.050, increasing by $3.00. Preliminary open interest across futures contracts rose by 2,515, with February contracts down 3,505. Cash sales reported in the South ranged from $201 to $202, reflecting a steady increase of $1 from the previous week.
USDA’s Wednesday report noted a federal cattle slaughter of 124,000 head, bringing the weekly total to 363,000, which is 3,000 less than last week but up 2,433 from the same week last year. Meanwhile, USDA’s wholesale boxed beef prices showed a slight decline, with Choice boxes at $332.02/cwt and Select at $317.99.
The Cattle on Feed data will be released on Friday, with analysts predicting December placements to be consistent with a year ago, estimating a marketings increase of 1.3%. January 1 on-feed inventory is expected to be down 0.4% compared to last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
