Cattle Mostly Higher, but Basis Limits February
Alan Brugler - Barchart - Tue Jan 26, 1:25PM UTC

Feb futures closed 20 cents lower on Monday, still a $7.52-$5.52 premium to the cash market. The other fat cattle futures ended the day 2 to 42 cents in the black after digesting Friday’s CoF numbers. Feeder cattle futures closed mixed with 70 and 30 cent losses for soon to expire Jan and March respectively. April and May closed 12 and 62 cents in the black. The CME Feeder Cattle Index was up 80 cents on 1/21 to $133.99. Cash trade was quiet as usual on a Monday. Last week’s business was mostly $109-$111. USDA’s monthly Cold Storage stocks update indicated a 37 month high for frozen beef stocks. December’s 534.297 million pounds was also the largest December since 2016, up 4.5% mo/mo and 11.3% yr/yr. Wholesale Boxed Beef prices continued the northward move with another $3.91 increase for Choice and another $2.87 increase for Select boxes; priced at $226.73 and $216.21 respectively. USDA estimates Monday’s federally inspected cattle slaughter at 118,000 head.  

--- provided by Brugler Marketing & Management



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