Live cattle futures rose by 50 to 75 cents on Monday, with cash trade settling at $235-236 in the North and $235 in the South. Feeder cattle futures saw gains between 80 cents and $1.55, while the CME Feeder Cattle Index increased by $1.37 to $362.06. The weekly OKC feeder cattle auction is expected to have approximately 5,500 head for sale.
Cattle on Feed data showed that 1.611 million head of feeders were placed in lots over 1,000 head in February, marking a 3.67% year-over-year increase. However, marketings were down 7.8% at 1.522 million head. As of March 1, the on-feed inventory stood at 11.549 million head, a slight 0.24% year-over-year decline.
Wholesale Boxed Beef prices varied, with Choice boxes down 61 cents to $399.50 and Select boxes up 62 cents to $393.56. USDA reported a federal cattle slaughter of 508,000 for last week, down 17,000 from the previous week and 49,527 head lower than the same week last year.
