Live cattle futures are rallying on Thursday with contracts up 85 cents to $1.60 at midday. Cash sales were reported on Wednesday with light trade in the south at $197. The Thursday morning Central Stockyards Fed Cattle Exchange online auction saw no sales on the 1,826 head offered, with bids of $198 using the BidTheGrid™ method. Feeder cattle are leading the charge with a weaker corn market, up $2.25 to $2.35 in the nearbys. The CME Feeder Cattle Index was down 71 cents on February 25, with the average price at $278.73.

USDA’s Export Sales report from this morning showed a drop from last year at 18,225 MT in the week of 2/20. South Korea was the buyer of 8,600 MT, with 2,500 MT sold to Japan. Export shipments were tallied at 14,745 MT, which was up slightly from last week. The top destination was South Korea, at 4,000 MT, with 3,600 MT to Japan.

The National Wholesale Boxed Beef report from USDA was back higher on Thursday morning, with the Chc/Sel spread back down to $9.37. Choice boxes were up 30 cents at $313.20/cwt, with Select down 59 cents higher to $303.83. Wednesday’s Federally inspected cattle slaughter was estimated by USDA at 122,000, taking the weekly total to 339,000 head. That is 9,000 head above the previous week but still down 29,441 head from the same week last year.

Feb 25 Live Cattle  are at $199.675, up $0.850,

Apr 25 Live Cattle  are at $196.225, up $1.600,

Jun 25 Live Cattle  are at $192.350, up $1.075,

Mar 25 Feeder Cattle  are at $276.725, up $2.350

Apr 25 Feeder Cattle  are at $275.775, up $2.250

May 25 Feeder Cattle  are at $274.100, up $2.275