Live cattle futures declined on Thursday, with losses ranging from $1.10 to $1.50 across most contracts. Cash trade has yet to commence this week, with bids reaching $232. The Fed Cattle Exchange online auction showcased bids between $232 and $233.50 for 1,510 head, but no sales were reported. Meanwhile, the CME Feeder Cattle Index increased by $2.70 to $366.69 as of January 28.
The USDA’s annual Cattle Inventory report will be released on Friday, with expectations that all cattle and calves will decrease by 0.3% compared to last year. Key projections include a 0.4% rise in beef cows and a 1.7% increase in replacement heifers year-over-year. In export sales, 16,893 MT of beef were sold in the week ending January 22, the highest since November, with South Korea purchasing 7,600 MT.
Wholesale Boxed Beef prices fell on Thursday; Choice boxes decreased by $2.08 to $367.66, while Select dropped by $2.85 to $360.72. The Wednesday USDA reported a cattle slaughter estimate of 112,000 head, with a weekly total of 436,000 head, marking a decrease of 11,000 head from the previous week and 47,143 from the same week last year.
