Cattle futures market ended Friday 12 to 45 cents in the black, save for June which closed down by 15 cents. From Friday to Friday, the Feb contract had rallied 2.42%. USDA had the week’s cash trade at mostly $139-$140 with $220 in the beef. Feeder cattle futures were red on Friday, closing down by 20 to 62 cents. March feeders still ended the week $6.47 higher. The 2/3 Feeder Cattle Index from CME was $160.17, up by another $0.92.
The weekly CoT report 1 had live cattle spec traders 69,272 contracts net long on Feb 1. That was a 19,951 contract weekly swing, driven mostly by short covering. Managed money funds were adding shorts for feeder cattle through the week. The 2,203 contract net change was enough to flip the group net short by 2,019 contracts.
Wholesale Boxed Beef prices weakened on Friday, with Choice down by $1.65 to $2.79.81. Select boxes were 42 cents lower to $276.05. Federally inspected cattle slaughter was estimated at 639k head for the week through Saturday. YTD slaughter is figured at 3.157m head, which trails last year’s pace by 5.5%.
Feb 22 Cattle closed at $142.050, up $0.450,
Jun 22 Cattle closed at $141.375, down $0.150,
Mar 22 Feeder Cattle closed at $166.100, down $0.625
Apr 22 Feeder Cattle closed at $171.425, down $0.375
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)
