Live Cattle Futures Market News and Commentary
Live cattle futures were 22 to 75 cents higher on the board at the close. For December fats, that completed the week as a net 72 cent gain. Catch up sales on Friday were reported mostly at $124, matching the week’s bulk. USDA noted most dressed sales for the week were near $196, though the range was as low as $193 to as high as $200. Feeder cattle closed 72 to 85 cents in the red. The 10/14 CME Feeder Cattle Index was 66 cents lower at $153.35.
USDA’s weekly Export Sales data showed beef bookings during the week of 10/7 were 15,741 MT. That was firm with last week, but down 24% from the same week last year. USDA reported Japan as the week’s top buyer with 4.4k MT, and China at 3.4k. Japan was also the top destination with 4.4k MT of the week’s 15.5k MT total. Accumulated beef exports were 719,932 MT through 10/7, up 17% yr/yr.
CFTC reported short covering through the week ending 10/12 from live cattle spec traders. That left the managed money funds 10,312 contracts... Read more