Live cattle futures are trading with 2 to 25 cent lower trade so far on Monday. Cash trade last week saw sales of $180-182 reported in the South, steady to $1 higher from the week prior, with the North steady to $1 higher at $181-182.
Feeder cattle futures are posting mixed action, with contracts down 17 to 25 cents higher. The CME Feeder Cattle Index was back up $1.42 at $243.32 on September 12. The weekly OKC Feeder Cattle auction has an estimated 6,500 head for sale, well below last week and slightly below the same week last year. Demand so far has been noted as good.
Spec funds in live cattle futures and options added just 632 contracts to their net long position as of 9/10 to 38,690 contracts. In feeder cattle they added 1,473 contracts to their net long position, at 2,029 contracts by Tuesday.
USDA wholesale Boxed Beef prices back up in the Monday AM report. Choice boxes were 6 cents higher at $304.97, with Select up $1.63 $295.80. The Chc/Select spread narrowed to $9.17. USDA estimated last week’s federally inspected cattle slaughter at 620,000 head. That is well above the previous week due to the holiday but 11,200 head below the same week last year.
Oct 24 Live Cattle are at $177.400, down $0.250,
Dec 24 Live Cattle are at $178.475, down $0.025,
Feb 25 Live Cattle are at $179.425, down $0.175,
Sep 24 Feeder Cattle are at $241.725, down $0.175
Oct 24 Feeder Cattle are at $239.300, up $0.175
Nov 24 Feeder Cattle are at $235.450, up $0.250
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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