Live Cattle Futures PricesMon, Oct 24th, 2016
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Live cattle futures added $1.75 to $2.125 on Friday, extending gains posted on Thursday. Feeders were also into the green with gains of 12.5 cents in the Nov contract, and $1.25 for January futures. The CME feeder cattle index for 10/20 was up 69 cents at $120.66. Boxed beef prices were mixed in the afternoon report. The choice average was $1.89 higher, and the select price was down $1.01. From Friday to Friday, the choice price was $2.08 lower (-1.1%), and select was $5.31 lower (-3.1%). Weekly FI slaughter is 602,000 head including Saturday estimates, up 1,000 head from a week ago and 48,000 head more than a year ago. USDA's monthly Cattle on Feed report was released after the close on Friday. COF on October 1 were 100.37% of a year ago. Placements were 98.15% of year ago, and Marketings were 105.48% vs. year ago. The On Feed number was below trade expectations due to the light placement figure. The Cold Storage report showed frozen beef stocks up 9.26% month/month, and up 4.49% from last October. So, we have fewer cattle in the pipeline than assumed, but more beef already in the cooler.
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