Live cattle futures are falling on Monday, with losses of 5 to 55 cents. Cash sales were reported at $197 in the south and light $198-199 trade in the North, both down $1-2 from the week prior. Feeder cattle are down $1.07 to $1.12 in the front months. The CME Feeder Cattle Index was back up $1.42 on February 27, with the average price at $281.06. The weekly OKC feeder cattle auction showed 11,500 head for sale, well above last week, with a lower undertone reported in early sales.
Weekly CFTC data showed the managed money spec funds trimming back another 7,158 contracts from their net long in the week of 2/25, to a net long at 121,311 contracts. In feeder cattle futures and options, spec traders cut back their record net long by 1,925 contracts to 28,144 contracts as of Tuesday.
Monday morning’s USDA National Wholesale Boxed Beef report showed prices mixed again, with the Chc/Sel spread up to $11.32. Choice boxes were up $1.30 at $313.13/cwt, with Select down another 24 cents to $301.81 Last week’s Federally inspected cattle slaughter was estimated at 566,000 head by the USDA. That is 3,000 head below the previous week but still down 28,236 head from the same week last year.
Apr 25 Live Cattle are at $192.600, down $0.050,
Jun 25 Live Cattle are at $188.225, down $0.550,
Aug 25 Live Cattle are at $187.375, down $0.550,
Mar 25 Feeder Cattle are at $273.850, down $1.125
Apr 25 Feeder Cattle are at $271.925, down $1.075
May 25 Feeder Cattle are at $270.050, down $1.075
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.
