Cattle Hit All-Time Highs

Live cattle futures posted $1.15 to $1.75 gains on Monday, as futures rallied to new all time highs on the spot contract.  Cash trade last week has yet to be reported this week, with most compiling showlists. Last week was reported at $196-197 in the South and $200 in the North. Feeder cattle futures were back up $1.37 to $2.20 on the day. The CME Feeder Cattle Index was up another $2.87 from the day prior at $268.63 on January 3. The weekly OKC feeder cattle auction shows an estimated 7,500 head for sale today, which is up slightly from the previous sale a couple weeks ago and well below last year. Sales were noted at $2-6 higher for feeder steers and calves, with heifer calves $2-7 higher and $3-4 higher for feeder heifers. 

The weekly CFTC Commitment of Traders report was delayed to Monday afternoon, with managed money in live cattle adding just 626 contracts to their net long position as of 12/31, to 129,195 contracts. In feeder cattle, they increased to a record net long position of 21,929 contracts as of last Tuesday, a 1,614 contract increase.

USDA wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Chc/Sel spread tightening to 23.77. Choice boxes were up $1.86 at $327.10/cwt and Select $6.61 higher @ $303.33. USDA estimated federally inspected cattle slaughter for Monday at 109,000 head. That is down 14,000 head from last Monday but up 5,106 head from the same Monday last year.  

Feb 25 Live Cattle  closed at $195.200, up $1.150,

Apr 25 Live Cattle  closed at $197.275, up $1.275,

Jun 25 Live Cattle  closed at $192.225, up $1.550,

Jan 25 Feeder Cattle  closed at $266.300, up $1.475,

Mar 25 Feeder Cattle  closed at $265.550, up $1.375,

Apr 25 Feeder Cattle  closed at $266.200, up $1.800,

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.