Live cattle futures finished the Thursday session with gains of as much as $1.07 for April. Bulls are going boldly into the USDA Cattle on Feed report, with average estimates for a smaller On Feed number than a year ago via both smaller placements and larger marketings. Feeders closed the day with gains of $0.57 to $1.62 in the front months. The CME Feeder Cattle Index recovered 38 cents on 1/20 to $133.19. Texas cattle traded hands from $110-$111, matching the week’s trend. Through Thursday, this week’s northern deals are $109-$110 and $169-$173. Northern cattle remain discounted to prices in the South, indicative of finished cattle availability. Indonesia’s Ag Ministry is looking for 2021 beef consumption to expand 64% yr/yr to 696,956 MT. In achieving this, directors estimate 502,000 head of cattle, along with 85,5000 MT of beef, need to be brought in. Wholesale Boxed Beef prices continued climbing. Choice boxes were up $2.29/cwt. to $221.20 and Select boxes were $3.00/cwt. higher at $210.28. USDA’s estimate for WTD cattle slaughter matches last week’s pace through Thursday with 469,000 head. That is down 20k head from the same week last year.
--- provided by Brugler Marketing & Management
