Cattle Face Mixed Action on Friday

Live cattle futures were mixed on Friday, with contracts down 52 cents to 37 cents higher, as October was down $3.75 on the week. Cash trade was reported at $350-355 dressed in the North with a few $222-223 live sales. Feeder cattle futures were 65 cents to $2, as September was $4.25 lower than last Friday. The CME Feeder Cattle Index was down 67 cents on September 17 to $342.50. 

USDA’s Cattle on Feed report from Friday showed August placements well below estimates (down 3.3%) at 1.617 million head, a record low for the month and 9.16% below last year. Marketings during the month were down 3.31% at 1.519 million head. September 1 on feed inventory was up just 0.75% from a year ago at 11.163 million head.  

CFTC data showed managed money cutting 1,988 contracts from their net long position in the week of 9/15, taking the net long in live cattle to 45,262 contracts.

Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel at $18.68. Choice boxes were down another 21 cents at $371.94, with Select $1.38 higher to $353.26. USDA estimated Federally inspected cattle slaughter for this week at 529,000 head including Saturday. That is 24,000 head above the previous week due to the holiday but 30,270 head below the same week last year.

Oct 26 Live Cattle  closed at $215.925, up $0.275,

Dec 26 Live Cattle  closed at $216.625, up $0.375,

Feb 27 Live Cattle  closed at $217.350, up $0.075,

Sep 26 Feeder Cattle  closed at $333.575, down $1.250,

Oct 26 Feeder Cattle  closed at $323.500, down $0.875,

Nov 26 Feeder Cattle  closed at $318.000, down $0.650,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.