Markets

Cattle Getting A Bounce at Month End

· Nasdaq

Live cattle futures are trading with Monday gains of 75 to 95 cents in the front months. Last week’s cash trade was mostly $220-222 late across the country. Feeder cattle futures are starting the week with contracts $1.50 to $1.95 so far on the session. The CME Feeder Cattle Index was down another 67 cents on August 27 to $332.80. The Monday OKC feeder cattle auction has an estimated 3,700 head for sale, with early demand noted as moderate.

Commitment of Traders data showed managed money trimming another 4,073 contracts from their net long in live cattle futures and options to 57,441 contracts as of Tuesday. In feeder cattle futures and options specs cut back 1,784 contracts from their net long to just 5,714 contracts in the week of August 25.

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Wholesale Boxed Beef prices were lower in the Monday morning report, with the Chc/Sel widening to $20.69. Choice boxes were down $1.03 at $375.20, with Select $6.57 lower to $354.51 USDA estimated last week’s Federally inspected cattle slaughter at 542,000 head. That is up 19,000 head from the previous week, but 24,581 head below the same week last year.

Oct 26 Live Cattle are at $212.500, up $0.775,

Dec 26 Live Cattle are at $214.625, up $0.900,

Feb 27 Live Cattle are at $216.450, up $0.925,

Sep 26 Feeder Cattle are at $322.850, up $1.950

Oct 26 Feeder Cattle are at $318.250, up $1.725

Nov 26 Feeder Cattle are at $311.500, up $1.575

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.
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