Live Cattle (P) Futures PricesFri, Aug 28th, 2015
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Live cattle futures closed Friday trade with most contracts experiencing triple digit gains for the second day in a row. August live cattle were up $1.10 for the week. Feeders gained $1.10 to $2.53 during the Friday session. August feeders expired yesterday. September feeders were up only 8 cents on the weekly board, after trading within a $7.60 range since last Friday. According to the weekly CFTC report, managed money accounts decreased their net long position by 4,937 contracts to a net long position of 17,004 contracts as of Tuesday. ?The CME Feeder Cattle Index for 8/27 was off $1.20 at $209.85. The USDA afternoon report had choice boxes off 99 cents to $243.22 (-$1.68 Fri to Fri) and select boxes down 17 cents to $232.95 (-$1.93).? The choice/select spread has been larger than $10 for eight consecutive days. Weekly meat production increased for the fourth consecutive week, at 452.4 million pounds, the largest week since the week ending May 23. Cash cattle trade has been limited for most of the week, with a few live sales this morning ranging from $143-$145, and dressed sales bringing $226-$228. Asking prices were generally above $229. WTD estimated FI slaughter with Saturday estimates was 545,000 head, 5K higher compared to last week, but down 7.3% from last year.
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