Live cattle futures are down $1.02 in nearby December, with other contracts slightly higher. The Fed Cattle Exchange online auction showed no sales on the 1,280 head offered, with bids of $222-225.50 live and 342 dressed Feeder cattle futures are up 92 cents to $1.50 at midday. The CME Feeder Cattle Index was back up $1.44 to $344.50 on December 8.
Commitment of Traders data showed managed money cutting 8,007 contracts from their net long position in the week ending on 11/4, taking it to 108,348 contracts. Specs were getting out of both longs and shorts in that week. In feeder cattle futures and options, spec funds were trimming 3,560 contracts from their net long, taking it to 17,763 contracts.
USDA Wholesale Boxed Beef prices were lower in the Wednesday morning report, with the Chc/Sel spread narrowing to $12.61. Choice boxes were down $2 to $359.04, while Select was $1.60 lower at $346.43. USDA federally inspected cattle slaughter was estimated at 123,000 head for Tuesday, with the weekly total at 238,000. That was 1,000 head above last week and 191 head shy of the same week last year.
Dec 25 Live Cattle are at $225.800, down $1.025,
Feb 26 Live Cattle are at $227.100, up $0.150,
Apr 26 Live Cattle are at $227.100, up $0.200,
Jan 26 Feeder Cattle are at $336.825, up $1.325
Mar 26 Feeder Cattle are at $331.075, up $0.925
Apr 26 Feeder Cattle are at $330.400, up $0.925
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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