Feeder Cattle Futures Market News and Commentary
Cash convergence caused a $3.90 drop to $113.10 for Feb finished cattle futures to expire. CME reported another 10 deliveries scheduled for February cattle futures, scheduled deliveries total 99 contracts, though there were 250 issued. The other front months ended the day with $1.07 to $1.67 losses, with April holding at $120. For the month, April fat cattle futures dropped $2. Cash cattle sales found late week strength, with the bulk of the week’s business near $114 – firm with the previous two weeks.
Feeder futures ended the session showing triple digit losses as well. March contracts were down $1.75 to $138.67, and April was $2.50 lower to $142.57. The 2/24 CME Feeder Cattle Index was $139.48, down from $140.11.
The Commitment of Traders report showed cattle specs 3,924 contracts less net long, from long liquidation, to 88,164 contracts. Feeder cattle spec traders 218 contracts more net long to 1,734. Wholesale Boxed Beef prices rebounded on Friday with a 14 cent... Read more