There is a new $9.70 expiration gap on the weekly continuation chart for the live cattle futures market. April went off the board at $175.17 on Friday, as the other front months closed within 27 cents of UNCH. USDA said the bullk of last week’s cash trade was $2 lower for the South near $173, and $2-$5 lower for the North near $178. Feeder cattle futures went into the weekend with Friday losses of 52 to 85 cents. August feeders were still up by 85 cents for the week. The CME Feeder Cattle Index was 5 cents higher on 4/25 to $201.31.
Weekly Commitment of Traders data showed managed money firms were adding to their longs and closing their shorts in live cattle during the week that ended 4/25. That left the group at a 107,033 contract net long. The funds were shown at a 13,210 contract net long in feeder cattle, after net new buying through the week.
USDA’s Wholesale Boxed Beef prices were mixed on Friday with a 37 cent increase in Choice and a 75 cent drop in Select. USDA estimated the week’s FI cattle slaughter as 620,000 head through Saturday. That is 2k head lighter for the week, and is 27,000 head below the same week last year.
Jun 23 Cattle closed at $165.475, up $0.275,
Aug 23 Cattle closed at $163.775, down $0.075,
Oct 23 Cattle closed at $167.625, down $0.050,
May 23 Feeder Cattle closed at $210.975, down $0.550
Aug 23 Feeder Cattle closed at $230.725, down $0.850
Oct 23 Feeder Cattle closed at $235.525, down $0.525
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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