The live cattle futures market ended Friday up by $1.27 to $2.40. August was up the most ahead of Monday’s First Notice Day. USDA reported cash trading picked up on Friday with sales made mostly near $188 in the North and limited volume near $178 to $179 in the South. Feeder cattle also rallied triple digits, going into the weekend $1.5 to $2 higher on the day and $4.50 stronger for the week’s move. The CME Feeder Cattle Index increased by 90 cents to $245.84.
The CFTC confirmed long liquidation from live cattle spec traders during the week that ended 8/1. That took the group’s net long back to below the 100k contract mark for the first time since mid-May. In feeder cattle, the funds were 355 contracts more net long, as the short covering offset the long liquidation. The group was 14,851 contracts net long on 8/1.
Wholesale Boxed Beef prices dropped 22 cents in Choice and $1.83 in Select in USDA’s PM update. Federally inspected cattle slaughter was estimated at 613,000 head for the week through Saturday. That is down 6k from last week and was 35k head below the same week last year. USDA estimates the YTD slaughter at 13.335m head.
Aug 23 Cattle closed at $180.900, up $2.400,
Oct 23 Cattle closed at $182.900, up $1.600,
Dec 23 Cattle closed at $187.050, up $1.500,
Aug 23 Feeder Cattle closed at $249.525, up $1.575
Sep 23 Feeder Cattle closed at $253.450, up $1.800
Oct 23 Feeder Cattle closed at $255.425, up $2.000
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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