DTN Reports:
The livestock complex traded mixed throughout the day as the lean hog complex continued to inch higher. However, the cattle contracts were technically troubled throughout the day, even though fed cash cattle prices traded higher. Southern live cattle were marked at $208, which is $6.00 to $7.00 higher. Dressed cattle sold for $330, which is steady to $2.00 higher than last week’s weighted average.
LIVE CATTLE:
The live cattle complex was an odd market to watch throughout the day as the marketplace had two very different realities and influences pulling upon it. The technical side of the market scurried lower at the day’s start and was simply unwilling to look at any other possible direction other than trading sharply lower. Meanwhile, the cash cattle market continued to do what it has recently done best — and that’s to continue to trade higher. Throughout the day, Southern live cattle traded at mostly $208, which is $6.00 to $7.00 higher than last week’s weighted average, and Northern dressed cattle traded at mostly $330, which is steady to $2.00 higher than last week’s weighted average. Some more cash cattle trade will likely develop ahead of the week’s end, but the week’s prices are likely set. The big-ticket item to watch for on Friday will be the Cattle Inventory report, which will likely showcase another decline in the U.S. beef cow herd. February live cattle closed $2.55 lower at $204.47, April live cattle closed $3.45 lower at $201.50 and June live cattle closed $2.97 lower at $195.77. Thursday’s slaughter is estimated at 122,000 head — 1,000 head less than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed lower: choice down $3.06 ($327.48) and select down $4.77 ($315.90) with a movement of 138 loads (89.92 loads of choice, 26.40 loads of select, 12.54 loads of trim and 9.58 loads of ground beef).
FRIDAY’S CATTLE CALL:
Steady. Given that cattle have now traded in both regions, it’s likely that any more trade that does develop will remain steady with the week’s trend.
FEEDER CATTLE:
The feeder cattle complex was merely glued to the live cattle complex as it followed closely the live cattle market’s direction. March feeders closed $2.07 lower at $273.20, April feeders closed $2.27 lower at $272.32 and May feeders closed $2.67 lower at $270.30. Even though the fed cash cattle market traded higher throughout the day, traders seemed unwilling to focus on anything besides the technical mayhem unraveling some of the cattle complex’s recent success. At Torrington Livestock Auction in Torrington, Wyoming, compared to last week, steer calves under 650 pounds traded $3.00 to $5.00 higher, with a few instances where prices reached $10.00 higher. Heifer calves traded unevenly steady, with 400-pound heifers trading $5.00 lower. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index 1/29/2025: up $1.62, $281.07.
What are cattle Packer margins currently?