Live cattle futures are showing modest losses of 85 cents to $1.15 at midday. Cash trade was reported at $345-350 dressed in the North, with $222-223 live sales. Feeder cattle futures are falling $1.60 to $2.35 on Monday. The CME Feeder Cattle Index was $1.72 on September 24 to $338.79. The weekly OKC feeder cattle auction has an estimated 6,000 head for sale, with early action showing a higher undertone.
Cold storage data from Friday showed August 31 beef stocks at 407.12 million lbs, a 5.16% increase from a year ago and 2.22% above the revised (15.5 million lbs high) July total.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.CFTC data showed managed money adding back 1,721 contracts to their net long position in the week of 9/22, taking the net long in live cattle to 41,743 contracts. In feeders, spec traders were increasing their net long by just 208 contracts to 6,909 contracts.
Wholesale Boxed Beef prices were higher in the Friday AM report, with the Chc/Sel at $23.92. Choice boxes were up $2.71 at $381.54, with Select $1.86 higher to $357.62. USDA estimated Federally inspected cattle slaughter for the week at 484,000 head, including Saturday. That was 45,000 head below last week and 74,540 head below the same week last year. ICE raids in Kansas last week caused disruptions at several packing plants.
Oct 26 Live Cattle are at $218.025, down $0.850,
Dec 26 Live Cattle are at $221.000, down $1.150,
Feb 27 Live Cattle are at $223.300, down $1.000,
Oct 26 Feeder Cattle are at $332.575, down $2.350
Nov 26 Feeder Cattle are at $330.100, down $1.875
Jan 27 Feeder Cattle are at $322.750, down $1.600
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.
