Cattle Rally on Friday to Close the Week

Live cattle futures posted gains of $1.85 to $3.62 on Friday, with December up $5.57 on the week. Cash trade saw some $220 live and $345 dressed action in the North, with very limited trade in the South. The Friday Fed Cattle Exchange online auction showed $223-227 sales. Feeder cattle futures rallied on Friday, with contracts up $5.82 to $7.95 on the session, with November $10.80 higher for the week. Sharp losses in corn were supportive. The CME Feeder Cattle Index was 34 cents higher on October 8 to $337.07. 

Commitment of Traders data from Friday indicated managed money trimming just 384 contracts from their net long position in live cattle futures and options in the week ending in 10/6, taking it to 50,920 contracts. In feeder cattle futures and options, specs were adding back 1,149 contracts to their net long at 8,787 contracts as of Tuesday.

Wholesale Boxed Beef prices were mixed in the Friday afternoon report, with the Chc/Sel at $19.05. Choice boxes were down $1.50 to $373.35, with Select $2.57 higher to $354.30. USDA estimated Federally inspected cattle slaughter for this week at 531,000 head. That was up 17,000 from the week prior but 20,329 head below the same week last year. 

Oct 26 Live Cattle  closed at $224.975, up $3.100,

Dec 26 Live Cattle  closed at $227.050, up $3.500,

Feb 27 Live Cattle  closed at $229.475, up $3.625,

Oct 26 Feeder Cattle  closed at $343.850, up $5.825,

Nov 26 Feeder Cattle  closed at $341.950, up $7.075,

Jan 27 Feeder Cattle  closed at $336.350, up $7.925,

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.