Cattle Futures Start Week Reacting to COF Report

Friday’s limit gain in April feeders has the market set for expanded limits today of $7.50 for feeders and $6.00 for finished cattle. On Friday the other feeder futures ended $3.10 to $4.25 higher, with Jan at $137.25. Jan expires on Thursday. The CME Feeder Cattle Index recovered 38 cents on 1/20 to $133.19. On Friday fat cattle futures closed with $0.75 to $2.62 gains. Cash trade last week was mostly $109-$111, but there were some WCB deals as low as $106. USDA’s CoF report showed 11.965 million head at 1,000+ head feedlots. That was 7k head above Jan 2020, vs. pre-report trade ideas for a slight drop. December marketings were 1.04% higher yr/yr with 1.853m head. December placements were 1.842m head, up 0.77% yr/yr. Wholesale Boxed Beef prices continued climbing. Choice boxes were up $1.62/cwt. to $222.82 and Select boxes were $3.06/cwt. higher at $213.34. USDA’s estimates another strong Saturday kill, bringing the WTD estimate to 657,000 head.

--- provided by Brugler Marketing & Management




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