Live cattle futures were un rally mode on Friday, as December led the way trying to catch the cash market, with gains of $2.50 to $5.70. December options expired today, as the contracts was up $11.57 this week. Cash trade kicked off with $220-222 action in the north and ended the week near $225. Sothern action was $225-226.50. Feeder cattle futures are rallied for much of the week, heading into Friday’s close $2.40 to $3.75 higher, as January was $15.07 higher this week. The CME Feeder Cattle Index was up another $1.93 to $343.73 on December 4.
Commitment of Traders data showed an 8,546 contract reduction in the live cattle futures and options net long position as of 10/28, taking the total to 116,355 contracts. In feeder cattle, managed money cut 3,404 contracts from their net long to 21,323 contracts.
Brazilian beef exports during November totaled 318,493 MT according to government data, up more than 90,000 MT from the year prior.
USDA reported Wholesale Boxed Beef prices lower in the Friday afternoon report, with the Chc/Sel spread widening to $13.81. Choice boxes were down $1.52 to $361.20, while Select was down $2.93 at $347.39. USDA federally inspected cattle slaughter was estimated at 600,000 head for this week. That was well above last week due to the holiday but 14,183 head shy of the same week last year.
Dec 25 Live Cattle closed at $227.150, up $5.700,
Feb 26 Live Cattle closed at $227.150, up $3.150,
Apr 26 Live Cattle closed at $227.675, up $2.500,
Jan 26 Feeder Cattle closed at $339.050, up $2.475,
Mar 26 Feeder Cattle closed at $333.300, up $3.575,
Apr 26 Feeder Cattle closed at $332.225, up $3.625,
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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