Feeder Cattle (Pit) Futures Market News and Commentary
Feeder cattle closed off their lows, which had the front months down by triple digits, but still lower by 80 to 95 cents across the front months. Fat cattle were also red on Friday, but limited the pullback to 30 cents in the front months. For the week, Dec cattle were UNCH and Jan were 72 cents lower. Jan feeder cattle closed $2.47 below last Friday. USDA confirmed 55k head of cash cattle were sold in a push of business before the holiday. TX sales were $4-5 higher mostly near $154-155, KS was shown $3-5 higher from $154-155, NE sales were $156-158 and dressed sales were mostly near $245 on Wednesday. The 11/21 Feeder Cattle Index from CME was flat at $174.64.
USDA’s weekly Export Sales report showed 12,886 MT of beef was sold during the week that ended 11/17. That was a 4% drop wk/wk and was 2/3 of the same week last year. Exports were 17.2k MT for the week, bringing the YTD total to 842,522 MT. That remains at a record pace and 2.2% ahead of last year's previous record. Read more