October Cattle Options Expire Today

Fat cattle gained 65 cents in the October contract on Thursday but gave back 5 to 17 cents in the other contracts. Feeders settled about $1.50 under their day’s high with $0.05 to $0.90 losses on the board. The FCE auction for Thursday showed 429 of the 1,202 head listed were sold for $144 and $144.50. The unsold cattle saw bids of $144, but asks were $145-146. USDA reported cash sales from $144 to $148 on Thursday, calling the bulk of Southern trade $144 and the bulk of Northern trade $146. The CME Feeder Cattle Index for 10/5 was 11 cents higher at $175.69. 

Weekly Export Sales data showed 16,351 MT of beef bookings for the week that ended 9/29. South Korea was the top buyer with 6k MT. Beef exports were listed at 18,360 MT, mostly to South Korea and Japan. Total beef shipments for the year remain at record pace with 719,408 MT shipped through 9/29. 

Wholesale Boxed Beef prices were mixed in the PM report with a 30 cent stronger Choice quote and a $2.23 weaker Select. That set the Chc/Sel spread at $30.37 for the box, and $120.57 for the ribs. USDA estimated the week’s FI cattle slaughter as 510,000 head through Thursday. That compares to 507k last week and 484k head during the same week last year.  

Oct 22 Cattle  closed at $145.325, up $0.650,

Dec 22 Cattle  closed at $147.875, down $0.050,

Feb 23 Cattle  closed at $151.625, down $0.125,

Oct 22 Feeder Cattle  closed at $175.725, down $0.825

Nov 22 Feeder Cattle  closed at $176.425, down $0.900