Live cattle futures saw a decline on Friday, with most contracts dropping 47 cents to $1.75, except for February futures which increased 35 cents to a weekly total of +95 cents, driven by cash strength. Cash trade prices settled at $238-240 live and $375-378 dressed. The Fed Cattle Exchange auction reported sales of $240-241 live on 719 head, alongside dressed trade at $375 on 36 head. Feeder cattle futures decreased by $4.85, while the CME Feeder Cattle Index rose by $4.00 to $370.69 on January 29.
The USDA’s annual Cattle Inventory report indicated a 0.37% decline in total cattle and calves from last year, totaling 86.155 million head, with beef cows down 1.02% at 27.607 million head. The Commitment of Traders data showed an increase in managed money’s net long position in live cattle futures, totaling 105,685 contracts by Tuesday, while feeder cattle futures saw a net long position of 16,629 contracts.
Wholesale Boxed Beef prices were mixed, with Choice boxes down $2.10 to $365.56 and Select up $1.22 to $361.94. The estimated cattle slaughter for the week was 531,000 head, marking a decrease of 4,000 head from the previous week and down 70,785 head from the same week last year.
