Live cattle futures closed are trading with midday gains of 60 to 95 cents on Monday. Cash trade came across at mostly $185 across the country last week, down $1 to $3. Feeders are continuing to be the leaders with most contracts up $1.50 to $2.25 and Nov up 40 cents. The CME Feeder Cattle Index was up $1.27 at $252.31 on November 14. The weekly OKC feeder cattle auction has an estimated 8,000 head for sale today, which exceeds the same week last year and the previous week.
CFTC data indicated specs in live cattle futures and options adding 5,479 contracts to their net long position, now at 103,317 contracts as of Tuesday. On November 12, managed money was net long 12,059 contracts in feeder cattle futures and options, a 685 contract increase on the week.
USDA wholesale Boxed Beef prices were mixed in the Monday AM report. Choice boxes were up $4.48 to $307.82/cwt, with Select $1.09 lower @ $275.05. The Chc/Sel spread widened to $32.77. USDA estimated last week’s federally inspected cattle slaughter at 606,000 head. That was 13,000 head below the previous week and down 33,367 head from the same week last year.
Dec 24 Live Cattle are at $183.900, up $0.950,
Feb 25 Live Cattle are at $185.850, up $0.600,
Apr 25 Live Cattle are at $188.050, up $0.650,
Nov 24 Feeder Cattle are at $251.500, up $0.400
Jan 25 Feeder Cattle are at $248.900, up $1.675
Mar 25 Feeder Cattle are at $247.850, up $2.200
More news from Barchart- Where are Animal Protein Prices Heading as the Offseason for Demand Approaches?
- Where are Animal Proteins Prices Heading in Q3 and Beyond?
- Can the Meats Rally During the Peak Season in 2024?
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
