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Cattle Prices Find Thursday Strength

Alan Brugler - Barchart - Thu Jan 21, 5:41PM UTC

Front month live cattle futures are gaining 47 to 85 cents at midday. Feb futures are only up $0.75 as the week’s early cash trade has been weaker. Feeder cattle futures are up triple digits at midday with $0.35 to $1.30 gains. The CME Feeder Cattle Index was $0.51 lighter at $132.90 on 1/18. The bulk of the week’s cash trade has been $0.50 to $1 weaker wk/wk, with most trades near $110 so far. Northern cattle remain discounted to prices in the South, indicative of finished cattle availability. The CoF numbers will be released tomorrow afternoon. Indonesia’s Ag Ministry is looking for 2021 beef consumption to expand 64% yr/yr to 696,956 MT. In achieving this, directors estimate 502,000 head of cattle, along with 85,5000 MT of beef, need to be brought in. Wholesale Boxed Beef prices were higher again in the AM quote. Choice boxes were up $2.48 cwt. and Select boxes were $3.01 higher. USDA estimates the week’s FI cattle slaughter at 349k head. That was even with last week’s pace, but down from 367k head last year.

Feb 21 Cattle are at $114.100, up $0.750,

Apr 21 Cattle are at $119.725, up $0.850,

Jun 21 Cattle are at $117.000, up $0.850,

Jan 21 Feeder Cattle are at $135.650, up $0.350

Mar 21 Feeder Cattle are at $138.825, up $1.300

Apr 21 Feeder Cattle are at $141.600, up $0.975

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