Live cattle futures posted $2 to $4.70 losses on Friday as April was $9.77 lower on the week. Cash trade settled in at $383 dressed in the North, with $243-244 live across the country. Feeder cattle futures closed Friday with contracts falling $6.22 to $8.10, as March was $12.60 lower this week. The CME Feeder Cattle Index was down another 38 cents to $372.79 on February 26.
Weekly CFTC data from Friday showed a total of 2,296 contracts added to the managed money net long position as of Tuesday to 119,013 contracts. In feeder cattle futures and options, specs added 1,356 contracts to their net long as of 2/24 to 18,162 contracts.
Wholesale Boxed Beef prices were higher in the Friday afternoon report, with the Chc/Sel spread narrowing to $5.53. Choice boxes were up $1.95 to $379.84, while Select was $3.52 higher to $374.31. USDA estimated this week’s federally inspected cattle slaughter at 516,000 head. That is even with last week and 52,747 head below than the same week last year.
Feb 26 Live Cattle closed at $244.000, down $2.000,
Apr 26 Live Cattle closed at $232.225, down $4.675,
Jun 26 Live Cattle closed at $229.150, down $4.250,
Mar 26 Feeder Cattle closed at $355.425, down $6.225,
Apr 26 Feeder Cattle closed at $351.200, down $7.550,
May 26 Feeder Cattle closed at $347.200, down $8.100,
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.
