Live cattle futures are 42 cents to $2 lower so far on Monday. Last week’s cash trade was $220-222 early in the north, ending last week near $225. Sothern action was $225-226.50. Feeder cattle futures are down $4 to $5 at midday. The CME Feeder Cattle Index was up another $1.93 to $343.73 on December 4. The Monday OKC feeder cattle auction has an estimated 7,200 had for sale, with early action noted higher.
Commitment of Traders data showed an 8,546 contract reduction in the live cattle futures and options net long position as of 10/28, taking the total to 116,355 contracts. In feeder cattle, managed money cut 3,404 contracts from their net long to 21,323 contracts.
Beef export sales in the week of 11/6 totaled 8,776 MT, a 7-week low. Shipments were tallied at 10,845 MT, a slight improvement from the week prior.
USDA reported Wholesale Boxed Beef prices lower in the Monday morning report, with the Chc/Sel spread widening to $13.85. Choice boxes were down a penny to $361.19, while Select was down $2.93 at $347.39. USDA federally inspected cattle slaughter was estimated at 600,000 head for last week. That was well above last week due to the holiday but 14,183 head shy of the same week last year.
Dec 25 Live Cattle are at $226.725, down $0.425,
Feb 26 Live Cattle are at $226.000, down $1.150,
Apr 26 Live Cattle are at $225.725, down $1.950,
Jan 26 Feeder Cattle are at $334.375, down $4.675
Mar 26 Feeder Cattle are at $328.950, down $4.350
Apr 26 Feeder Cattle are at $328.150, down $4.075
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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