Live Cattle (P) Futures PricesFriday, May 17th, 2013
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Latest Brugler Live Cattle (P) Report
Cattle futures closed 50 cents to $1.175 lower on the day. Feeders were also lower with the May contract losing $1.125 and the Sep down $1.70. After the markets closed, the USDA released its latest Cattle on Feed report. Cattle on Feed as of May 1 were 96.62% of last year, higher than the 96.1% average pre-report trade guess. Marketings were 102.2% of last year, and the average pre-report trade guess was 103%. Placements came in at 115.1%, about 2 whole points higher than the average pre-report trade estimate of 113.1%. Estimated slaughter for this week including Saturday is 652,000 head, 21K head larger than last week and 8K head more than the same point in 2012. Wholesale prices were mixed, with choice boxed beef breaking through the $209 level and gaining 74 cents on the day. Select boxes were 40 cents lower. Cash cattle bids in KS were reported at $1.255/lb. Asking prices in NE were $1.26/lb or higher and Iowa had asks ranging from $1.23 to $1.27/lb. The weekly CFTC commitment of traders report showed managed money accounts decreased their net long position by 4,336 contracts.
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