Cash Cattle Edge Higher, Cattle on Feed Up 1%
Cash fed cattle traded steady to mostly $1 higher this week despite the volatility created mid-week by the Russian invasion of Ukraine. Live steers averaged slightly over $143 per cwt., up from $142.36 last week.
Fed cattle traded highest in the North, with cash at $144 to $145 and dressed cattle at $226 to $227. A handful of cattle traded in the North at $146.50. The bulk of cattle in Kansas traded $1 lower at $141 to $142. Texas trades were called steady at $142.
April live cattle fell 37.5 cents to $141.925, the lowest closing price since Jan. 27 and a $3.95 weekly decline. March feeder cattle rebounded 92.5 cents to $160.025, still down $5.40 for the week.
Estimated weekly cattle slaughter was 647,000 head compared to 664,568 head last year. The total year-to-date was 5.143 million head, 0.4% lower than last year.
Wholesale beef prices were lower on the week. Choice boxed beef closed Friday at $258.27 per cwt., down $7.58 from the previous Friday. Select boxed beef closed at $255.41 per cwt., down $7.22 for the week.
U.S. Cattle On Feed
USDA’s estimated February 1, 2022 cattle on feed up 0.8% compared to last year at 12.2 million head. This is the highest February 1 inventory since the series began in 1996.
Placements in January totaled 1.999 million, 1.2% lower than 2021. Net placements were 1.94 million head. During January, placements of cattle and calves weighing less than 600 pounds were 420,000 head, 600-699 pounds were 445,000 head, 700-799 pounds were 545,000 head, 800-899 pounds were 414,000 head, 900-999 pounds were 105,000 head, and 1,000 pounds and greater were 70,000 head.
Marketings of fed cattle during January totaled 1.77 million head, 3% below last year.
