Live cattle futures have decreased by 90 cents to $1.15 midday, with open interest rising by 1,066 contracts on Wednesday. On Thursday, cash trade bids reached $232, while no sales were recorded at the Fed Cattle Exchange auction for 1,510 head set at bids between $232 and $233.50. Meanwhile, feeder cattle futures increased by $1 in the January contract and decreased by 25 cents to $1 in others, with the CME Feeder Cattle Index falling by $0.74 to $363.99.
Export Sales data for the week of January 22 indicated 16,893 MT of beef sold, marking the largest amount since November, while shipments totaled 12,574 MT. Notably, November beef exports on a carcass basis plummeted to 190.4 million lbs, the lowest since 2009. On a tonnage basis, beef imports dipped 1.2% year-over-year to 151,316 MT.
The USDA’s wholesale Boxed Beef report showed a decline, with the Chc/Sel spread widening to $9.15. Choice boxes dropped by $0.21 to $369.53, while Select boxes were down $3.19 at $360.38. The USDA estimated cattle slaughter on Wednesday at 112,000 head, totaling 324,000 for the week, which is 9,000 head below last week and 37,711 head lower compared to the same week last year.
