Feeders Were the Upside Leaders on Friday, as Fats Follow Along

Live cattle futures closed out the Friday session with contracts steady to 92 cents higher. Cash trade came across at mostly $185 across the country this week, down $1 to $3. Feeders wee the leaders on Friday, with gains of $2.07 to $5.02 as the cash market strengthens. The CME Feeder Cattle Index was up $1.27 at $252.31 on November 14.

This morning’s Export Sales report showed beef bookings of 14,153 MT, recovering from last week’s calendar year low. The top buyer in the week of November 7 as 4,300 MT was purchased by Japan, with South Korea buying 2,500 MT. Shipments were tallied at 15,845 MT, a 3-week high. South Korea was the destination of 4,600 MT, with 3,600 MT shipped to Japan.

CFTC data indicated specs in live cattle futures and options adding 5,479 contracts to their net long position, now at 103,317 contracts as of Tuesday. On November 12, managed money was net long 12,059 contracts in feeder cattle futures and options, a 685 contract increase on the week.

USDA wholesale Boxed Beef prices were lower in the Friday PM report. Choice boxes were down 46 cents to $303.34/cwt, with Select 52 cents lower @ $276.14. The Chc/Sel spread widened to $27.20. USDA estimated this week’s federally inspected cattle slaughter at 606,000 head. That was 13,000 head below the previous week and down 33,367 head from the same week last year.

Dec 24 Live Cattle  closed at $182.950, up $0.000,

Feb 25 Live Cattle  closed at $185.250, up $0.150,

Apr 25 Live Cattle  closed at $187.400, up $0.475,

Nov 24 Feeder Cattle  closed at $251.100, up $3.475,

Jan 25 Feeder Cattle  closed at $247.225, up $4.025,

Mar 25 Feeder Cattle  closed at $245.650, up $3.925,