Live cattle futures are falling back 22 to 50 cents at midday, with August yup 67 cents. Cash trade rounded out the week with $225-228 sales in the North and some $228 Southern sales. Feeder cattle futures are fading from early strength, with contracts down $1.42 to $2.40 at midday. The CME Feeder Cattle Index was back down $3.43 on August 13 to $348.50. The Monday OKC feeder cattle auction has an estimated 3,100 head for sale, with a lower undertone noted early.
Commitment of Traders data showed managed money trimming another 1,405 contracts from their net long in live cattle futures and options to 64,662 contracts as of Tuesday. In feeder cattle futures and options specs added just 133 contracts to their net long of 8,738 contracts in the week of August 11.
Wholesale Boxed Beef prices were higher in the Monday morning report, narrowing the Chc/Sel spread to $16.64. Choice boxes were up $2.36 at $377.66, with Select up $9.78 to $361.02. USDA’s Federally inspected cattle slaughter for last week was estimated at 517,000 head through Saturday. That is up 8,000 head from the previous week and 18,913 head below the same week last year.
Aug 26 Live Cattle are at $224.300, up $0.675,
Oct 26 Live Cattle are at $218.400, down $0.475,
Dec 26 Live Cattle are at $218.150, down $0.225,
Aug 26 Feeder Cattle are at $339.400, down $1.425
Sep 26 Feeder Cattle are at $332.150, down $2.400
Oct 26 Feeder Cattle are at $324.050, down $1.375
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.
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/Netflix%20on%20tv%20with%20remote%20by%20freestocks%20via%20Unsplash.jpg)
