Live cattle futures extended the rally on Thursday, with contracts up another 80 cents to $1.05. A few cash sales have come in at $201 in the South, with some at $202, steady to $1 higher from last week. Feeder cattle futures were up anywhere from a tick to $1.15 on Thursday.  The CME Feeder Cattle Index was back down 63 cents from the day prior at $277.55 on January 22. 

Cattle on Feed data will be released on Friday afternoon, with analysts surveyed by Reuters estimating December placements steady with a year ago, with the typical wide range of estimates from down 9.9% to up 6.8%. December marketings are seen up 1.3% from December 2023, with January 1 on feed inventory expected to be down 0.4% vs. a year ago.

USDA wholesale Boxed Beef prices were lower in the Thursday PM report, with the Chc/Sel spread @ $13.75. Choice boxes were down $1.06 at $330.96/cwt, with Select 78 cents lower @ $317.21. USDA estimated federally inspected cattle slaughter on Thursday at 123,000 head, taking the weekly total to 486,000 head. That is 2,000 head below last week and up 1,658 head from the same week last year.

Feb 25 Live Cattle  closed at $201.100, up $1.050,

Apr 25 Live Cattle  closed at $200.725, up $0.950,

Jun 25 Live Cattle  closed at $195.700, up $0.800,

Jan 25 Feeder Cattle  closed at $277.075, up $0.025,

Mar 25 Feeder Cattle  closed at $274.075, up $1.000,

Apr 25 Feeder Cattle  closed at $272.450, up $1.150,