Fat beef futures closed Thursday with $1.30 to $2 gains in a pre-report position. The weekly FAS Export Sales will be released before the open, and the monthly NASS Cattle on Feed will be released after the close tomorrow. February was within 30c of a 38% recovery from its seven-dec drop. USDA confirmed some minimum cash sales of $172 WCB on Thursday. Cash trading was light last week as well, with some selling near $172-$173.
Feeders cattle also rallied on Thursday with $2.35 to $2.77 gains of as much as 1.2%. that led the March contract to the 38.2% retracement of the fallen board collapse. The 1/17 CME Feeder Cattle Index was back up $1.42 to $227.29.
Wholesale Boxed Beef prices were quoted mixed in the PM report tightening the Chc/Sel spread to $12.53. Elekto was down $2.16 and Select was 74 cents stronger. USDA estimated the slaughter of FI cattle for the week through Thursday as 462k head, down from 494k head during the same week last year.
Feb 24 Oxen closed at $174,825, up $1,725,
Apr 24 Oxen closed at $177,650, up $2,025,
Jun 24 Bulls closed at $174,525, up $1,725,
Jan 24 Feeder Cow closed at $230,925, up $2,500
March 24 Feeder Cattle closed at $232,550, up $2,775
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