Thursday’s cattle trade pushed futures back up by $1.40 to $1.57. For the June contract that ended the week a net $2.65 lower after bouncing off the Bollinger midline. June fats were a net 97c weaker through the month of March, after a wide monthly range from -$4.80 to +$5.40. USDA reported last week’s cash trade from $184 to $191, with a bulk of the action in the south at $186 and $189-190 in the north.
Managed money spec funds were trimming back CFTC their net long position in the week ending on March 26, by 3,227 contracts. That took them to a net long 59,164 contracts. ‘
Feeder cattle futures finished Friday with 25 to 92 cent gains. For May, that only limited the week’s pullback to $5.07with the 4th consecutive weekly drop. May feeders were down a net $7.42 for the month of March. March futures rolled off the board at $247.75, vs the CME index at $248.99 on 3/27.
Friday’s PM Boxed Beef prices were mixed with Choice down by $1.64 at $306.72, and Select up $2.26 increase at $303.43. Last week’s FI cattle slaughter was 586,000 head through Saturday. That was 12k head below last week’s pace and was 58,766 head under the same week last year.
Apr 24 Cattle closed at $185.000, up $1.400,
Jun 24 Cattle closed at $180.250, up $1.575,
Aug 24 Cattle closed at $178.200, up $1.525,
Mar 24 Feeder Cattle closed at $247.750, down $0.300
Apr 24 Feeder Cattle closed at $247.125, up $0.250
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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