Cattle Continued to New LoC Highs LW

The cattle futures market was mixed on Friday with fats making new contract highs and the feeders fading into the holiday weekend on rising feed costs. Live cattle futures settled up by 5 to 57 cents on the day, leaving June at a net $1.62 gain for the week. USDA called the price for the week $171 in the South, $180-182 in the North, and $285 in the beef. Feeders were down 77 to $1.12 in the front month future contracts. That left August contracts at a net $1.17 loss for the week. The CME Feeder Cattle Index was $209.86 on 5/25, up by $1.72. 

The weekly CoT report showed managed money was adding cattle positions through the week that ended 5/23. The net new buying offset the net new selling for a 1.7k contract stronger net long of 102k contracts. The spec funds were net new buyers of feeder cattle through the week, extending their net long by 2k contracts to 16.8k. 

USDA’s Wholesale Boxed Beef report showed higher prices for Friday, with Choice $3.99 higher and Select 38 cents stronger. That left the Chc/Sel spread at $19.01. USDA estimated the week’s FI cattle slaughter at 625k head through Saturday. That is below 642k head last week and 641k from the same week last year. 

Jun 23 Cattle  closed at $167.350, up $0.050,

Aug 23 Cattle  closed at $165.175, up $0.400,

Oct 23 Cattle  closed at $169.600, up $0.575,

Aug 23 Feeder Cattle  closed at $233.925, down $0.775

Sep 23 Feeder Cattle  closed at $237.100, down $0.975

Oct 23 Feeder Cattle  closed at $239.025, down $1.025