Cattle Slip Lower to Start the Week
Live cattle futures showed positive trade at midday, but sellers showed up after lunch to close with losses of $1.05 to $1.57 in most contracts. Last week’s cash trade was reported at $200-201 in the South and live sales of $202 and a few up to $205 in the North. Feeder cattle futures were down 50 cents to $1.85 in most contracts. The CME Feeder Cattle Index was back down $1.25 from the day prior at $277.30 on January 10. The Weekly OKC feeder cattle auction shows 7,500 head listed, nearly even with last week and well below last year. Sales were reported at $6-12 higher for feeder steers and calves, with feeder heifers up $4-8 and 10-13 higher for calves.
Commitment of Trader data showed spec funds adding 14,261 contracts to their net long in live cattle futures and options as of January 7 to a net long of 143,456 contracts. Managed money spec funds in feeder cattle were at a record net long of 26,384 contracts as of last Tuesday, a 4,455 contract increase on the week.
USDA wholesale Boxed Beef prices were higher in the Monday PM report, with the Chc/Sel spread narrowing to $15.78. Choice boxes were up 51 cents at $333.35/cwt, with Select $3.43 higher @ $317.57. USDA estimated federally inspected cattle slaughter for Monday at 117,000. That is 8,000 above last Monday and up 8,958 head from the same Monday last year.
Feb 25 Live Cattle closed at $197.400, down $1.375,
Apr 25 Live Cattle closed at $198.200, down $1.275,
Jun 25 Live Cattle closed at $192.525, down $1.575,
Jan 25 Feeder Cattle closed at $271.850, down $0.500,
Mar 25 Feeder Cattle closed at $267.900, down $1.500,
Apr 25 Feeder Cattle closed at $268.325, down $1.850,
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.