Live Cattle Dec '18 (LEZ18)
Live Cattle Futures Market News and Commentary
Cattle futures were as much as $1.10 lower on Friday. Feeder cattle futures were 2 to 7 cents higher at the close, save for August feeders which fell by 7 cents. The 05/21 Feeder Cattle Index from CME was 36 cents lower at $126.24. The USDA Cattle on Feed inventory was 11.2m head on May 1st, down 5.14% yr/yr. USDA reported 1.432m head were placed, down 22.26%, and 1.459m head were marketed, down 24.33% from May 2019. The bulk of live cash sales last week was $120, but there were some $110-$117. CoT numbers showed managed money was slightly more net long on May 19, at 13,204 contracts. Feeder cattle specs were 1,075 contracts net long on May 19. Wholesale boxed beef prices were lower again as they continue to unwind from the unprecedented peak. Choice boxes are now down 16% from their record high, but still $141.40 (+55%) higher than they were at the pre-shutdown peak on March 25. Choice boxes were down by $5.07 to $396.74 cwt. Select boxes were $8.35 lower to $374.18 cwt. USDA estim... Read more
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