Cattle Close Higher on Friday

Live cattle futures ended the Friday session with gains of $0.87 to $1.47. For the April contract that was enough to end positive on the week, at $1 above last Friday’s settle. USDA reported more cash sales from $136 to $138 on Friday, maintaining the bulk of activity near $136 for the South. Some higher graded cattle went for $138 this week, but the bulk of Northern trade was $136-$137 with $218 deals in the beef. Feeder cattle futures were also higher on Friday, gaining 12 to 87 cents on the day. The CME Feeder Cattle Index for 1/26 was $159.05, down by another 45 cents. 

CFTC data showed managed money cattle traders added 12,349 new shorts through the week that ended 1/25. That reduced the group’s net long by 12,856 contracts to 49,321. Feeder cattle spec traders were also 5,281 contracts less net long, to just 184 contracts, after a week of new spec selling. 

Wholesale Boxed Beef prices were up $1.31 in Choice and $4.31 in Select to $290.42 and $283.41 respectively. USDA estimated the week’s federally inspected cattle slaughter at 643k head through Saturday. That was 7k more than the week prior but still down 13k head from the same week last year. YTD slaughter trails 2021’s pace by 6.4%. 

Feb 22 Cattle  closed at $138.700, up $0.875,

Jun 22 Cattle  closed at $138.000, up $1.300,

Mar 22 Feeder Cattle  closed at $159.625, up $0.125

Apr 22 Feeder Cattle  closed at $165.300, up $0.200