Feeder Cattle Futures Market News and Commentary
October live cattle futures, which expire tomorrow, closed 42 cents higher at $106.27 with preliminary OI at 347 contracts. The other front months ended the session with triple digit gains of at least $1.77. Feeder cattle futures also closed with triple digit gains and ended the session $1.40 to $1.82 higher. October feeders expired at $136.45. The CME Feeder Cattle Index for 10/28 was $134.34, down by $1.19. Cash sales on Thursday remained light, with $106 in the South and $103 in NE. Beef export sales were reported at 18,853 MT for the week ending 10/22. That was down from 21.7k MT LW but still 19.8% higher yr/yr. Beef shipments are 666,564 MT for the year through 10/22. That outpaces 2019 by 1.5%. USDA’s wholesale boxed beef prices were stronger in the PM update. Choice boxes were $1.53 higher and Select boxes were up $1.65. USDA estimated the week’s cattle slaughter at 464,000 head through Thursday. That trails LW by 16,000 head and trails last year by 1,000.