Cattle Look to New Week After Friday Losses

Live cattle futures were heading lower on Friday, with contracts down $1.67 to $3.55 at the close. April closed the week down $1.30. Cash sales were reported at $197 in the south and light $198 trade in the North, both down $2 from the week prior. Feeder cattle were back to lower trade on Friday, with losses of $1.47 to $2.85.  March was up $7.02 on the week.  The CME Feeder Cattle Index was back up $1.42 on February 27, with the average price at $281.06.  

Weekly CFTC data showed the managed money spec funds trimming back another 7,158 contracts from their net long in the week of 2/25, to a net long at 121,311 contracts. In feeder cattle futures and options, spec traders cut back their record net long by 1,925 contracts to 28,144 contracts as of Tuesday. 

The Friday afternoon USDA National Wholesale Boxed Beef report showed prices mixed, with the Chc/Sel spread back up to $9.78. Choice boxes were 65 cents higher at $311.83/cwt, with Select down 8 cents to $302.05. Last week’s Federally inspected cattle slaughter was estimated at 566,000 head by the USDA. That is 3,000 head below the previous week but still down 28,236 head from the same week last year.

Feb 25 Live Cattle  closed at $197.725, down $1.675,

Apr 25 Live Cattle  closed at $192.650, down $3.475,

Jun 25 Live Cattle  closed at $188.775, down $3.550,

Mar 25 Feeder Cattle  closed at $274.975, down $1.475,

Apr 25 Feeder Cattle  closed at $273.000, down $2.550,

May 25 Feeder Cattle  closed at $271.125, down $2.850,