Nearby beef cattle futures were 27 to 80 cents weaker at Monday’s close. The feeder cattle market ended with triple gains of as much as $1.67 over the previous months. There are still no deliveries issued against hot cattle, as CME has confirmed that the oldest dated long is now 10/20. USDA reported Friday cash trading from $179 to $183, citing mostly a $2-$4 increase for NE with most at $180. USDA reported decent demand at the OKC feeder cattle auction, noting that 50% of the list were heifers. The CME Feeder Cattle Index was up another $3.01 to $246.06.
USDA Wholesale Boxed Beef prices were firmer Monday afternoon with a 4-cent increase in Select and $1.94 stronger in Select. Monday’s FI cattle slaughter was 115k head, which was 10k head below last week and was 8.5k head behind the same week last year.
Feb 24 Oxen closed at $184.250, down $0.375,
Apr 24 Oxen closed at $185.925, down $0.800,
Jun 24 Bulls closed at $183.525, down $0.450,
March 24 Feeder Cattle closed at $248,825, up $1,675
Apr 24 Feeder Cattle closed at $253,175, up $1,400
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