Live cattle futures are trading with 50 to 75 cents higher action on Monday. Cash trade settled in late with $235-236 sales in the North and $235 in the South. Feeder cattle futures are posting 80 cent to $1.55 midday gains. The CME Feeder Cattle Index was up another $1.37 to $362.06 on March 19. The weekly OKC feeder cattle auction has an estimated 5,500 head for sale.
Cattle on Feed data from Friday afternoon showed a total of 1.611 million head of feeders placed in lots over 1,000 head during February, a 3.67% increase yr/yr. Marketings totaled 1.522 million head, down 7.8% vs. last year. That took the March 1 on feed inventory to 11.549 million head, a 0.24% drop yr/yr and compares to a 1.86% decline on Feb 1.
Commitment of Traders data shows managed money in live cattle futures and options trimming 2,417 contracts from their net long position as of 3/17, taking it to 106,615 contracts. In feeder cattle futures and options, specs cut back 137 contracts to a net long of 17,933 contracts.
Wholesale Boxed Beef prices were mixed in the Monday morning report, with the Chc/Sel spread at $5.94. Choice boxes were down 61 cents to $399.50, while Select was 62 cents higher to $393.56. USDA estimated federally inspected cattle slaughter for last week at 508,000. That was down 17,000 head from last week and 49,527 head below the same week last year.
Apr 26 Live Cattle are at $234.575, up $0.525,
Jun 26 Live Cattle are at $234.075, up $0.650,
Aug 26 Live Cattle are at $231.325, up $0.500,
Mar 26 Feeder Cattle are at $358.725, up $0.975
Apr 26 Feeder Cattle are at $351.975, up $0.800
May 26 Feeder Cattle are at $347.925, up $1.550
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.
