Live cattle futures are down $3.35 to $4.25 so far at midday. Cash trade settled in at $240 across most of the country last week. Feeder cattle futures are down $4.47 to $5.50. The CME Feeder Cattle Index was down another $1.47 to $367.32 on March 5. The Monday OKC feeder cattle auction showed 4,500 head for sale, with a lower undertone noted early.
A strike a the JBS Greeley, CO plant could begin on March 16, as the union gave notice on Friday.
Commitment of Traders data from Friday afternoon showed managed money cutting back 4,494 contracts from their net long position in live cattle futures and options as of Tuesday at 114,519 contracts. In feeder cattle futures and options, spec funds pared back 206 contracts from their net long to 17,956 contracts but 3/3.
Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel spread widening to $9.43. Choice boxes were up $3.44 to $390.66, while Select was $2.28 higher to $381.23. USDA estimated federally inspected cattle slaughter for last week at 521,000 head. That is 2,000 head above the previous week but 58,267 head shy of the same week last year.
Apr 26 Live Cattle are at $230.325, down $4.250,
Jun 26 Live Cattle are at $227.625, down $3.850,
Aug 26 Live Cattle are at $225.900, down $3.350,
Mar 26 Feeder Cattle are at $351.150, down $4.475
Apr 26 Feeder Cattle are at $346.525, down $5.100
May 26 Feeder Cattle are at $342.575, down $5.500
