Live cattle futures posted some slight gains ahead of Friday afternoon’s Cattle on Feed report, up 15 to 35 cents at the close. Feb closed the week up just 7 cents. Cash trade was slow last week, with sales around $199 in the South and North trade at $199-200, both down $3-4 from the week prior. Feeder cattle saw 85 cents to $1.17 gains on the day. March was up $1.60 on the week. The CME Feeder Cattle Index was 2 cents higher on February 20 at $278.84. 

Friday’s Cattle on Feed report showed January placements up 1.73% from last year at 1.822 million head, vs. estimates of a 2.2% increase. January marketings were 1.41% higher at 1.869 million head compared to the trades +2.1% estimate. February 1 on feed inventory was down 0.69% at 11.716 million head, with analysts’ expecting a 0.8% reduction.

CFTC data showed specs cutting back another 7,240 contracts from their net long in the week ending on Tuesday at 128,469 contracts. In feeder cattle, managed money was still at a record net long of 30,069 contracts, a 1,702 contract increase on the week. 

The Friday afternoon National Wholesale Boxed Beef report was lower, as the Chc/Sel spread was tightening at $8.21. Choice boxes were down another $1.86 at $310.77/cwt, with Select down 62 cents to $302.56. Last week’s Federally inspected cattle slaughter was estimated at 563,000 head by the USDA. That is up 2,000 head from the previous week and 27,486 head below the same week last year.

Feb 25 Live Cattle  closed at $197.825, up $0.200,

Apr 25 Live Cattle  closed at $193.950, up $0.150,

Jun 25 Live Cattle  closed at $190.325, up $0.350,

Mar 25 Feeder Cattle  closed at $267.950, up $1.125,

Apr 25 Feeder Cattle  closed at $267.550, up $1.175,

May 25 Feeder Cattle  closed at $265.925, up $0.850,