Live cattle futures are trading with $2.90 to $3.35 gains at midday. Cash trade settled in at $234-236 live last week, with some $372 dressed. Feeder cattle futures are rallying $6.10 to $7.20 so far on Monday. The CME Feeder Cattle Index was down another $2.62 to $358.35 on March 12. The Monday OKC Feeder cattle auction has an estimated 4,500 head for sale, with a higher undertone noted.
The strike at the JBS plant in Greeley, CO moved forward this over the weekend, as the workers union started picketing.
CFTC data showed managed money cutting back 5,487 contracts from their net long position in live cattle in the week ending on March 10. They took that net long to 109,032 contracts. In feeder cattle futures and options, specs added just 114 contracts to their net long to 18,070 contracts.
Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel spread at $7.14. Choice boxes were up $4.03 to $401.95, while Select was $3.27 higher to $394.81. USDA estimated federally inspected cattle slaughter for last week at 525,000 head. That is up 4,000 from the previous week and 61,280 head shy of the same week last year.
Apr 26 Live Cattle are at $233.875, up $2.975,
Jun 26 Live Cattle are at $232.275, up $3.325,
Aug 26 Live Cattle are at $230.025, up $3.200,
Mar 26 Feeder Cattle are at $355.625, up $6.150
Apr 26 Feeder Cattle are at $350.300, up $7.200
May 26 Feeder Cattle are at $345.850, up $6.675
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.
