Live cattle futures tried to rebound at the open, contracts ended the day with $1.47 to $2.82 losses. of today’s action is compiling showlists, with a few $175 cleanup sales reported in the South on Monday. Feeder cattle posted losses of $4.72 to $6.52. The CME Feeder Cattle Index up $4.40 on November 24 to $230.38.
Managed money spec funds in live cattle held a net long position of 39,162 contracts as of 11/21, a 2,392 contract drop on the week. In feeder cattle, spec traders were adding 1,672 contracts to the short side, and now net short of 313 contracts as of last Tuesday.
USDA had Wholesale Boxed Beef prices lower in the Monday afternoon report. Choice boxes were down 78 cents to $297.2538, with Select 96 cents lower to $267.80. That widened the Chc/Sel spread to $29.45. Federally Inspected cattle slaughter for Monday was 123,000 head. That was a 2,000 head drop vs. last week and down 4,000 head compared to the same Monday last year.
Dec 23 Cattle closed at $168.775, down $1.475,
Feb 24 Cattle closed at $168.825, down $2.150,
Apr 24 Cattle closed at $170.675, down $2.625,
Nov 23 Feeder Cattle closed at $228.640, down $0.735
Jan 24 Feeder Cattle closed at $212.800, down $6.525
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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