Live cattle futures bounced into the weekend, though feeder futures stayed under pressure from the grain rally. At the close the front month fats were 40 to 85 cents higher, with left April at a 67 cent gain for the week. April feeders stayed 15 cents higher for the week, but closed 20 cents lower on Friday. The week’s cash cattle trade was heaviest on Wednesday from $162 to $166, with the bulk of action near $163 in the South and $165 in the WCB. CME’s 3/23 Feeder Cattle Index was up by $1.07 to $188.85.
Weekly Commitment of Traders data showed a massive long liquidation from the live cattle spec traders during the week that ended 3/21. That reduced their net long by 28.8k contracts (the largest single week bear move on record) to 63,749. Feeder cattle spec traders were 7,141 contracts net long as of 3/21. That was a 3,227 contract weaker net long for the week.
Friday’s Boxed Beef prices were weaker with a $2.90 drop in Choice and a 14 cent lower Select quote. USDA estimated federally inspected cattle slaughter at 626k head for the week throguh Saturday. That is down by 5k head wk/wk and by 31k yr/yr. The YTD pace trails last year by 2.6%.
Apr 23 Cattle closed at $163.000, up $0.850,
Jun 23 Cattle closed at $156.600, up $0.800,
Aug 23 Cattle closed at $156.425, up $0.725,
Mar 23 Feeder Cattle closed at $189.650, up $0.625
Apr 23 Feeder Cattle closed at $194.800, down $0.200
Aug 23 Feeder Cattle closed at $214.125, down $0.500
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. For more information please view the Barchart Disclosure Policy here.
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