Feeder Cattle Futures Market News and Commentary
Fat cattle futures ended the Friday session with 22 to 62 cent losses through August ’22. The December contract was 2 cents stronger on Friday as the outlier. Dec deliveries begin Monday with FND. USDA mentioned some light $140-$142 catch up trade on Friday, but cited Wednesday and Thursday as the last market. Cash sales in the South and CO were mostly $142, with $140 observed in NE and WCB. Feeder cattle were $1.07 to $1.65 weaker on Friday. The CME Feeder Cattle Index was26 cents lower on 12/1 at $161.34.
The weekly Commitment of Traders data release showed cattle spec traders were 78,517 contracts net long as of 11/30. That was their most bullish net position as a group since the 8/31 data. Feeder cattle speculative traders had flipped to net long on short covering through the week that ended 11/30, and were 4,907 contracts net long at the close.
Wholesale Boxed Beef prices were up on Friday afternoon, with a $15.72 spread. Choice boxes were up by $2.34 and Select w... Read more