U.S. CATTLE REPORT: Oklahoma cattle inventory down whopping 600K hd, Nebraska down 300K, Kansas down 250K, Iowa down 210K, Texas down 200K; Boxed beef keeps slipping; USDA adjusts Monday slaughter to 121K hd; 200 heifers (645#) from Bassett, Nebraska at $189.00

BASSETT LIVESTOCK: The largest string sold on Wednesday at Bassett Livestock was 200 heifers (645#) at $189.00. The second largest string was 176 steers (665#) at $206.00

NATIONAL CATTLE TRACKER: The largest steer and heifer string sold on Wednesday was 219 steers (711#) from Torrington, Wyoming at $210.00. The second largest string was 200 heifers (645#) from Bassett, Nebraska at $189.00

NATIONAL STEER TRACKER: The largest steer string sold on Wednesday on the National Steer Tracker (700-899#) was 219 steers (711#) from Torrington, Wyoming at $210.00. The average price for the top 10 steer strings sold on Wednesday was $182.08, compared to $187.08 on Tuesday

OKC WEST: The largest string sold this week at OKC West was 130 steers (812#) at $181.75. The second largest string was 97 steers (798#) at $180.50

CATTLE INVENTORY BY STATE: The cattle inventory in Texas was at 12.5 million head in 2023, down 200K head from 2021. The cattle inventory in Nebraska was at 6.5 million head in 2023, down 300K head from 2021.

SHEEP AND GOATS: All sheep and lambs inventory in the United States on January 1, 2023 totaled 5.02 million head, down 1 percent from 2022. Breeding sheep inventory at 3.67 million head on January 1, 2023, decreased 1 percent from 3.71 million head on January 1, 2022

Boxed Beef PM: Choice: $265.07 (-1.02); Select: $252.78 (-0.14); Ch/Se Spread: 12.29; Total Loads: 121 compared to 118 on Tuesday

DAILY CATTLE SLAUGHTER: Wednesday slaughter at 127K head, compared to 127K last week and 120K last year. WTD slaughter at 375K head, compared to 378K last week and 362K last year (U.S. CATTLE REPORT)

Consolidation Near New Highs... Perhaps it’s a buy the rumor sell the fact correction, post the USDA’s Cattle Inventory report, or the forecast for warmer temperatures, or both—CME live cattle futures are correcting after early week gains, most active April LC already breaking 157 points from yesterday’s highs (The Beef)

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