Cattle futures mostly higher watching cash business develop

 

By Meghan Grebner, Brownfield

January 11, 2022

 

At the Chicago Mercantile Exchange, live and feeder cattle were mixed, mostly higher watching direct business develop.  February live cattle closed $1.42 higher at $137.67 and April live cattle closed $.62 higher at $141.20.  March feeder cattle closed $1 higher at $166.35 and April feeder cattle closed $.67 higher at $170.12.

 

There was a light direct cash cattle trade that took place on Tuesday.  Live deals in parts of the South were at $137, that’s $1 lower than last week’s weighted average in Texas and about steady with last week’s business in Kansas.  A few scattered bids surfaced in other parts of cattle country at $137 live.  The North has been quiet.  Asking prices are at $138 to $140 live in the South and $222 plus dressed in the North.  Look for more business to pick up as the week progresses...

 

... Boxed beef closed higher with strong demand for solid offerings.  Choice close $2.18 and $278.22 and Select closed $2.13 higher at $268.63.  The Choice/Select spread is $9.59. Estimated cattle slaughter is 114,000 head – down 3,000 on the week and down 2,000 on the year.

 

Lean hog futures were mixed, adjusting spreads.  February lean hogs closed $.52 lower at $77.85 and April lean hogs closed $.50 lower at $84.20.

 

Cash hogs closed higher with a moderate negotiated run.  Processors bid up to move their desired numbers on Tuesday...

 

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