Cattle Rally to Close out the Week
Live cattle futures posted gains of $1.05 to $1.42 this week, as nearby October was down 20 cents. The nearby contract still held on for a $2.95 gain this week. Cash trade was reported at $345-350 dressed in the North, with $222-223 live sales. Feeder cattle futures saw strength to close the week, with contracts $1.17 to $3.90 higher at the close. October was $11.425 higher this week. The CME Feeder Cattle Index was $1.72 on September 24 to $338.79.
Cold storage data from Friday showed August 31 beef stocks at 407.12 million lbs, a 5.16% increase from a year ago and 2.22% above the revised (15.5 million lbs high) July total.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
CFTC data showed managed money adding back 1,721 contracts to their net long position in the week of 9/22, taking the net long in live cattle to 41,743 contracts. In feeders, spec traders were increasing their net long by just 208 contracts to 6,909 contracts.
Wholesale Boxed Beef prices were lower in the Friday PM report, with the Chc/Sel at $23.07 Choice boxes were up $2.71 at $378.83, with Select $3.66 higher to $355.76. USDA estimated Federally inspected cattle slaughter for the week at 484,000 head, including Saturday. That was 45,000 head below last week and 74,540 head below the same week last year. ICE raids in Kansas this week caused disruptions at several packing plants.
Oct 26 Live Cattle closed at $218.875, down $0.200,
Dec 26 Live Cattle closed at $222.150, up $1.050,
Feb 27 Live Cattle closed at $224.300, up $1.425,
Oct 26 Feeder Cattle closed at $334.925, up $3.175,
Nov 26 Feeder Cattle closed at $331.975, up $3.900,
Jan 27 Feeder Cattle closed at $324.350, up $3.700,
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.
More news from Barchart
