Cattle Close Lower on Friday

Front month fat cattle futures close Friday 32 to 70 cents in the red. USDA reported cash trade on Thursday from $140 to $143 for the higher graded steers. Dressed business got up to $227 on Thursday for the higher graded cattle, though the bulk price was still mostly near $222. Feeder cattle ended the day $0.35 to $1.12 lower. The CME Feeder Cattle Index was 9 cents weaker on 2/10 to $162.64.

The CFTC reported live cattle spec traders were 12,570 contracts more net long to 81,842 contracts. That was a 8 week high. The CoT report also reported managed money switched back to a 716 contract net long on a weekly swing of 2,735 contracts. 

Wholesale Boxed Beef prices were $274.52 in Choice and $267.83 cwt. in Select from the Friday afternoon report. That was a 30 cent decrease for Choice and a $1.12 decrease in Select. weakened again this morning with a 10 cent drop for Choice and a $1.11 dip in Select. USDA estimates the week’s cattle slaughter at 659k head. That was up by 20k head from last week and 53k head yr/yr. The YTD estimate was still 3% behind last year’s pace with 3.828m head.  

Feb 22 Cattle  closed at $141.875, down $0.475,

Jun 22 Cattle  closed at $141.125, down $0.475,

Mar 22 Feeder Cattle  closed at $166.225, down $0.500

Apr 22 Feeder Cattle  closed at $170.700, down $1.050