Cattle Slipping to Start the Week
Live cattle futures are slipping back $1.15 to $1.35 so far on the day. Cash trade saw some light $348-350 dressed action in the North last week as reported by USDA, with live sales at $220-222. Southern sales were reported at $226. Feeder cattle futures are trading with contracts 95 cents to $1.70 lower at midday. The CME Feeder Cattle Index was $2.13 lower on October 1 to $336.84. The weekly OKC feeder cattle auction shows an estimated 4,700 head for sale, with early sales reported lower.
Weekly Commitment of Traders data from CFTC showed managed money in live cattle features and options adding 4,321 contracts back to their net long position as of September 29th, taking it to 51,304 contracts. In feeder cattle features and options, managed money speculators added 729 contracts to their net long at 7,638 contracts by Tuesday.
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Wholesale Boxed Beef prices were higher in the Friday AM report, with the Chc/Sel at $19.83. Choice boxes were up $2.22 at $376.41, with Select $2.09 higher to $356.58. USDA estimated Federally inspected cattle slaughter for last week at 548,000 head. That was up 64,000 from the week prior but 19,960 head below the same week last year.
Oct 26 Live Cattle are at $217.675, down $1.175,
Dec 26 Live Cattle are at $220.125, down $1.350,
Feb 27 Live Cattle are at $221.925, down $1.225,
Oct 26 Feeder Cattle are at $333.675, down $0.950
Nov 26 Feeder Cattle are at $330.150, down $1.000
Jan 27 Feeder Cattle are at $322.850, down $1.700
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.
