Live cattle futures are higher at midday, with 25 to 70 cent gains so far. Cash trade came in last week at $196-198 in the south. Northern trade was slower, with sales at $200-202 on Friday, steady to $2 higher wk/wk. Feeder cattle are mixed, with contracts up 25 cents to down 20.. The CME Feeder Cattle Index was down another $2.32 on March 6, with the average price at $273.77. The Monday OKC feeder cattle auction has an estimated 5,000 head, which is nearly half of the week prior, and slightly below the same week last year.
Speculators in live cattle futures and options were trimming back their net long as of March 4 by 10,843 contracts to 110,468 contracts. In feeder cattle, managed money was adding 736 contracts to their net long at 28,880 contracts by last Tuesday.
The Monday morning National Wholesale Boxed Beef prices were higher, with the Chc/Sel spread at $9.32. Choice boxes were up $1.42 at $316.32/cwt, with Select $1.20 higher at $307.00. Last week’s Federally inspected cattle slaughter was estimated at 578,000 head by the USDA. That is 12,000 head above the previous week, but still down 5,995 head from the same week last year.
Apr 25 Live Cattle are at $200.525, up $0.250,
Jun 25 Live Cattle are at $197.150, up $0.675,
Aug 25 Live Cattle are at $194.825, up $0.475,
Mar 25 Feeder Cattle are at $277.225, up $0.250
Apr 25 Feeder Cattle are at $278.025, down $0.125
May 25 Feeder Cattle are at $278.425, up $0.225
On the date of publication, Austin Schroeder 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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