Feeder Cattle Sep '23 (GFU23)
Feeder Cattle Futures Market News and Commentary
Live cattle were down 40 cents to $1.42 across most contracts, with June the lone exception, up a nickel. August was down 80 cents this week. Cash trade saw volume pick up late on Friday to $260 live and $408-410 dressed in the north, with a few sales at $258 in the South. Feeder cattle futures were down $3.45 to $3.90 on the Friday session with August up $3.25 this week. The CME Feeder Cattle Index was up $6.03 on June 24 to $381.86.
Commitment of Traders data showed managed money adding a modest 1,676 contracts to their net long position in live cattle futures and options at 126,025 contracts. In feeder cattle, specs were adding 2,104 contracts to 15,227 contracts.
Wholesale Boxed Beef prices were lower in the Friday PM report, with the Chc/Sel spread at $19.45. Choice boxes were down $5.29 at $391.03, with Select $3.16 lower to $371.58. USDA’s federally inspected cattle slaughter for this week was estimated at 537,000 head. That was up 9,000 from the previous week but... Read more
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