Live cattle futures slipped lower on Friday, with contracts down $1 to $1.55. February was down $2.27 last week. Open interest was down 4,092 contracts on Friday. Cash trade was picked up at $232-233 across the country last week. The Friday morning Fed Cattle Exchange online auction showed no sales, with bids of just $230-231. Feeder cattle futures were down $1.75 to $3.60 on Friday, as January was up $4.625. The CME Feeder Cattle Index was back down 17 cents to $367.90 on January 8.
CFTC data pegged managed money adding 1,786 contracts to their net long in live cattle futures and options in the week that ended on 1/6, taking it to 94,761 contracts. Speculators in feeder cattle futures and options were adding 1,543 contracts to their net long as of Tuesday to 16,838 contracts.
USDA Wholesale Boxed Beef prices were mixed in the Friday afternoon report, with the Chc/Sel spread at $3.46. Choice boxes were down $1.16 to $355.63, while Select was 11 cents higher at $352.17. Last week’s USDA federally inspected cattle slaughter was estimated at 553,000 head, for the week to date. That 38,422 head below the same week last year.
Feb 26 Live Cattle closed at $233.725, down $1.550,
Apr 26 Live Cattle closed at $234.675, down $1.550,
Jun 26 Live Cattle closed at $229.750, down $1.525,
Jan 26 Feeder Cattle closed at $360.725, down $1.750,
Mar 26 Feeder Cattle closed at $354.700, down $3.025,
Apr 26 Feeder Cattle closed at $353.050, down $3.575,
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.
