Live cattle futures are trading 50 to 70 cents higher this morning, with February setting a new all time high for the front month contract at $201.45 per cwt. Preliminary open interest was up 2,515 contracts across the board on Wednesday, with Feb the exception on short covering and 3,505 contracts. A few early cash sales have come in at $201 in the South, with some at $202, steady to $1 higher from last week. Wednesday’s Fed Cattle Exchange online auction from Central Stockyards showed sales of $201.50-202 live and $201.50-$202.50 using the BidTheGrid™ method. Feeder cattle futures are up anywhere from 7 to 52 cents at midday on Thursday. Nearby January also set a new all time high of $277.85.  The CME Feeder Cattle Index was back up 16 cents from the day prior at $278.18 on January 21. 

Cattle on Feed data will be released on Friday afternoon, with analysts surveyed by Reuters estimating December placements steady with a year ago, with the typical wide range of estimates from down 9.9% to up 6.8%. December marketings are seen up 1.3% from December 2023, with January 1 on feed inventory expected to be down 0.4% vs. a year ago.

USDA wholesale Boxed Beef prices were lower in the Thursday AM report, with the Chc/Sel spread @ $13.59. Choice boxes were down 50 cents at $331.52/cwt, with Select $.06 lower @ $317.93. USDA estimated federally inspected cattle slaughter on Wednesday at 124,000 head, taking the weekly total to 363,000 head. That is 3,000 head below last week and up 2,433 head from the same week last year.

Feb 25 Live Cattle  are at $200.475, up $0.425,

Apr 25 Live Cattle  are at $200.100, up $0.325,

Jun 25 Live Cattle  are at $195.250, up $0.350,

Jan 25 Feeder Cattle  are at $277.200, up $0.150