Feeder Cattle (Pit) Futures Market News and Commentary
Cattle ended the last trade day of the week with another triple digit pullback. December’s $2.50 loss on Friday left the contract $3.42 lower for the week but still $3.12 higher for the month after new all-time highs were set last week. USDA had Friday sales from $181 to $185, noting the bulk in the South was $183 for the week and the North was mostly $184 ($290 dressed). Feeder cattle futures settled Friday’s session $1.85 to $2.77 lower. October closed the downside gap from Sep’s expiration and finished the week at a net $6.67 loss and flipped red by $3.55 for the month’s move. The CME Feeder Cattle Index was $252.20 on 9/27 - September feeder cattle went off the board at $252.32.
Commitment of Traders data showed live cattle spec traders with a 101,860 contract net long for 9/26. That was 1,141 contracts weaker for the week. The funds were 3.7k contracts less net long in feeders, to 12,563 contracts.
Wholesale Boxed Beef prices were weaker on Friday afternoon with a... Read more