Cattle Mixed on Monday
Live cattle futures are trading with front month contracts up 35 cents to 12 cents lower. Cash trade kicked off on Friday, with some action at $186 reported in the South, up $1 on the week. Northern action was $187 live and $296 in the beef up $2 from the previous week.
Feeder cattle futures are down 45 cents to 60 cents higher so far on the day. The CME Feeder Cattle Index was down $1.47 at $246.78 on October 3. The weekly OKC feeder cattle auction is estimated to have 4,700 head for sale this week, which is down from 5,878 head last week and 6,121 head the year prior.
CFTC data pegged speculators in live cattle futures and options adding 11,180 contracts to their net long position as of 10/1 at 63,404 contracts. In feeder cattle they added another 3,674 contracts to their net long at 5,701 contracts.
USDA wholesale Boxed Beef prices were higher in the Monday AM report. Choice boxes were up $2.79 to $305.57/cwt, with Select $2.72 higher @ $290.33. The Chc/Select spread narrowed to $15.04. USDA estimated last week’s federally inspected cattle slaughter at 611,000 head. That is 1,000 head below the previous week and down 16,495 head from the same week last year.
Oct 24 Live Cattle are at $187.350, up $0.350,
Dec 24 Live Cattle are at $186.875, down $0.125,
Feb 25 Live Cattle are at $187.950, unch,
Oct 24 Feeder Cattle are at $249.175, down $0.450
Nov 24 Feeder Cattle are at $249.025, down $0.250
Jan 25 Feeder Cattle are at $244.975, up $0.600
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.