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Cattle futures posted triple digit losses today. October futures expired with a $3.45 premium to the Dec contract after Oct posted another new high at $171.30 shortly after trading resumed this morning. Cash cattle trade is still not well defined, with some trade in Kansas at $168 down $1-2 from last week. Asking prices appear to be in the $170-172 range elsewhere. Estimated week to date FI slaughter including Saturday estimates is 553K head, which is 23,000 below last week and 70,000 less than the same point a year ago. Choice beef prices lost $2.15 today, but were still up $3.79 for the week. Select boxes were 78 cents lower today, but $5.87 higher than they were last Friday. The Commitment of Traders report showed managed money accounts reduced their net long position by 1,161 contracts. They are still net long 108,195 contracts.
Oct 14 Cattle closed at $169.500, down $1.000,
Dec 14 Cattle closed at $166.050, down $1.275,
Feb 15 Cattle closed at $166.100, down $1.375,
Nov 14 Feeder Cattle closed at $234.150, down $0.075
Jan 15 Feeder Cattle closed at $228.475, unch,
Mar 15 Feeder Cattle closed at $225.750, down $0.350