Live cattle futures ended Friday 20-38 cents off their highs on $1 to $1.47 gains. The October contract printed a new all time high and was up by $3.70 for the week. Feeder cattle were also strong on Friday, closing the session 0.9% to 1.26% higher with gains of as much as $3.35 across the front months. USDA reported cash trade on Friday near $182-$183 in the South. The Northern cash market was mostly steady near $185 for the week. The CME Feeder Cattle Index from 9/12 was up another 28 cents to $251.16.
Weekly Commitment of Traders data showed the managed money funds were adding to their cattle position during the week that ended 9/12. The net new buying offset the new shorts, for a 4.9k contract stronger net long of 98,417 contracts. The spec funds were 2,680 contracts more net long in feeder cattle after net new buying for the week.
Friday morning’s Wholesale Boxed Beef report had choice a penny lower to $306.36 and Select $2.15 weaker to $284.71. That left the Chc/Sel spread at $21.65. USDA’s week-to-date cattle slaughter under federal inspection is estimated at 502k head. That is down 9k head from the same week last year through Thursday.
Oct 23 Cattle closed at $186.925, up $1.450,
Dec 23 Cattle closed at $191.825, up $1.475,
Feb 24 Cattle closed at $196.325, up $1.350,
Sep 23 Feeder Cattle closed at $257.375, up $2.200
Oct 23 Feeder Cattle closed at $264.475, up $2.600
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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