Live cattle futures posted losses of 45 cents to $2.67 across the board on Friday, giving back the gains from the week, as October was just a tick lower wk/wk. October options expired on Friday. Cash trade saw some light $348-350 dressed action in the North so far this week as reported by USDA, with live sales at $220-222. Southern sales were reported at $226,Feeder cattle futures were the leaders to the downside on Friday, with contract falling back $4.25 to $5.20 on the week. That took the October contracts to a 30 cent loss on the week. The CME Feeder Cattle Index was $2.13 lower on October 1 to $336.84.
Weekly Commitment of Traders data from CFTC showed managed money in live cattle features and options adding 4,321 contracts back to their net long position as of September 29th, taking it to 51,304 contracts. In feeder cattle features and options, managed money speculators added 729 contracts to their net long at 7,638 contracts by Tuesday.
Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel at $19.70. Choice boxes were down $2.60 at $374.19, with Select $1.60 higher to $354.49. USDA estimated Federally inspected cattle slaughter for the week at 548,000 head. That was up 64,000 from the week prior but 19,960 head below the same week last year.
Oct 26 Live Cattle closed at $218.850, down $0.450,
Dec 26 Live Cattle closed at $221.475, down $1.700,
Feb 27 Live Cattle closed at $223.150, down $2.300,
Oct 26 Feeder Cattle closed at $334.625, down $4.250,
Nov 26 Feeder Cattle closed at $331.150, down $5.200,
Jan 27 Feeder Cattle closed at $324.550, down $5.150,
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.
