Feeder Cattle Futures Market News and Commentary
After a back and forth session for Thursday, which had the Feb contract within a $2.82 range from -$1.15 to +$1.67. USDA had the Thursday cash market from $166-170, though action was light and the bulk remains near $170-171. Feeder cattle futures ended the day with triple digit losses in the back months of as much as $1.82, while the March contract settled 57 cents weaker. The CME Feeder Cattle Index for 12/06 was back down by $1.92 to $222.31.
FAS reported weekly beef bookings were only 154 MT, a MY low. Japan and Mexico had only booked 1k MT each, while South Korea canceled 4.4k MT. Total beef commitments were marked at 825.4k MT as of 11/30.
Census data showed US October beef exports of 241.5 million lbs. That is above the 231.5 million lb export for September, but is down 20% from the same month last year. The year to date total was shown at 2.556 billion lbs, compared to 3 billion last year.
The PM Boxed Beef report had Choice at $289.84 after a 72 cent dro... Read more