Live cattle futures are showing 30 to 55 cent gains so far on Tuesday. Cash trade from last week settled in at $232-233 across the country. Feeder cattle futures are up another $1.95 to $2.30 at midday. The CME Feeder Cattle Index was up another $2.89 to $353.11 on January 2. The Monday OKC feeder cattle auction had an estimated 9,266 head sold, with sales of $3-10 higher on feeder steers and heifers up $10-20. Calves were up $15-20.
Commitment of Traders data showed large managed money speculators decreasing their net long position by 1,893 contracts in live cattle futures and options as of 12/30 to 92,975 contracts. In feeder cattle futures and options, spec traders were increasing their net long by 666 contracts to 15,295 contracts by last Tuesday.
USDA Wholesale Boxed Beef prices were lower in the Tuesday AM report, with the Chc/Sel spread at $2.38. Choice boxes were down 53 cents to $353.19, while Select was 69 cents lower at $350.81. The Monday USDA federally inspected cattle slaughter was estimated at 115,000 head. That was a 3,000 head drop from last week but 6,461 head above last year.
Feb 26 Live Cattle are at $236.400, up $0.525,
Apr 26 Live Cattle are at $237.125, up $0.325,
Jun 26 Live Cattle are at $231.775, up $0.350,
Jan 26 Feeder Cattle are at $361.025, up $2.050
Mar 26 Feeder Cattle are at $357.850, up $2.275
Apr 26 Feeder Cattle are at $356.850, up $1.950
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.
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