Cattle futures see-sawed to start the week as traders digested Friday’s Cattle on Feed report. As many suspected, the 4.4% increase in January feedlot placements year to year created pressure, especially early on, but futures managed to close with more moderate declines.
Live Cattle futures closed an average of 48¢ lower through the front five contracts (12¢ lower to 85¢ lower) and then an average of 21¢ higher.
Feeder Cattle futures closed an average of 38¢ lower (17¢ to 55¢ lower).
Though lower than the previous week, last week’s cash fed cattle trade continues to offer market support with live prices that were at mainly $128/cwt. and mostly at $205 in the beef.
Likewise, wholesale beef values continue to churn higher. Choice boxed beef cutout value was $1.15 on Monday afternoon at $219.52/cwt. Select was $1.90 higher at $214.72.
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