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Monday Summary, January 27th
CME LIVESTOCK: Live Cattle: $122.25 (-2.60); Feeder Cattle: $141.90 (+0.05); Hogs: $65.95 (-1.275); Milk: $17.65 (-0.60)
CME GRAINS: Corn: $3.805 (-6.75); Soybeans: $8.9725 (-4.75); Wheat: $5.7225 (-1.25)
MEATBOARD: Boxed Beef Choice: $213.59 (-0.90); Pork Cutout: $77.26 (-0.12); Chicken Breast: $92.44 (+0.64)
Boxed Beef PM: Choice: $213.59 (-0.90); Select: $210.50 (-0.20); Ch/Se Spread: $3.09 (-0.70); Total Loads: 104 compared to 100 on Friday
CATTLEBOARD: 5-Area Steers: $124.30 (1,477#); Daily Drop: $9.15 (-0.01); Cutter Cow Cutout: $187.08 (+0.13)
Real-Time Index: $145.02 (-0.31) -- The RTI is a 7-day plus current day moving average of steer prices (700-899#)
Live Cattle futures got hit hard today but the feeder cattle prices held steady because of the premium in the cash prices. The Real Time Index (7-day average of steer prices) is currently at $145.02, more than $3 higher than the nearby CME futures. Cash prices for steers on Monday, however, were 74 cents lower than the nearby futures.
The largest steer and heifer string sold on Monday was 153 steers (655#) from Oklahoma City, Oklahoma at $140.00. The 2nd largest steer and heifer string sold on Monday was 109 heifers (566#) from Oklahoma City, Oklahoma at $134.00. The average price paid for the largest steer and heifer strings sold on Monday was $140.80.
The largest string sold on Monday was 76 steers (765#) from Sylvan Grove, Kansas at $140.00. The 2nd largest string sold on Tuesday was 70 steers (817#) from Russell, Iowa at $140.00. The average price paid on Monday for the top 25 steer strings (700-899#) was $141.26.
The USDA estimated daily cattle slaughter at 122,000 head, compared to 122,000 last week and 119,000 last year.
TOP SALE ON MONDAY: 40 steers (709#) from Aberdeen, South Dakota at $151.00
BEEF FLASH: Weekly beef production was reported at 534.6 million pounds last week, the HIGHEST so far in 2020!
CATTLE FLASH: The January 2020 COF Inventory (11.958 million head) was the 2nd highest January inventory in 25 years!
--USDA reports steer calves (500-600#) in Southeast Region at $149.14, compared to $147.91 last week and $145.34 last year
--USDA reports steers (500-600#) in South Central Region at $164.39, compared to $164.28 last week and $161.79 last year
--USDA reports steers (600-700#) in North Central Region at $160.14, compared to $160.77 last week and $157.70 last year