Live Cattle (P) Futures PricesFri, Oct 24th, 2014
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Cattle futures were sharply lower with some contracts off more than $2 today. Feeders also posted steep losses, with several contracts down $2 or more. The selling appeared to be profit taking ahead of the USDA Cattle on Feed report. The COF report had Oct. 1 cattle on feed at 99.5% of a year ago, just below the average of trade expectations. Placements were at 101% of a year ago, and marketings were 99.5%. The trade had been looking for about 102% and 99% respectively. Cash cattle trade developed at $170 in TX and NE, up as much as $6 from last week. Wholesale prices were lower today, with Choice off $2.02 and Select off 83 cents from the previous day. Estimated weekly slaughter including Saturday is 576K head, 11K larger than last week, but 43K head smaller than a year ago. YTD slaughter is off 7.1%. The weekly Commitment of Traders report from the CFTC showed managed money accounts taking a net 776 contracts out of their net long position, which now sits at 109,356 contracts.
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