Fat cattle futures were mostly 42 to 75 cents lower on Monday, save for a 5 cent gain in the Dec contract. Feeder cattle traded higher, past the Nov contract, to end the day with 22 to 87 cent gains. Last week’s cash trade was mostly $150 in the South and $153 in the North. The CME Feeder Cattle Index was $175.23 on 11/11, down by another 23 cents.
The CFTC reported managed money firms were 3,867 contracts less net long in live cattle futures and options through the week that ended 11/8. That left the group 62,181 contracts net long. The delayed Commitment of Traders report showed managed money was 501 contracts less net short on short covering to 5,993 contracts.
Wholesale Boxed Beef prices from the Monday PM report were $0.96 lower in Choice and $2.06 weaker in Select, for a $24.77 spread. USDA estimated Monday’s FI cattle slaughter at 128k head. That is up from 123k head last week and from 121k head during the same week last year.
Dec 22 Cattle closed at $151.575, up $0.050,
Feb 23 Cattle closed at $152.550, down $0.700,
Apr 23 Cattle closed at $156.425, down $0.625,
Nov 22 Feeder Cattle closed at $176.950, up $0.000
Jan 23 Feeder Cattle closed at $179.450, up $0.875
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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