Live cattle futures are in rally mode on Tuesday, with contracts up $2.20 to $3.52. Cash trade was slow to get kicked off this week, as things settled in at 245-246 in the North and up to $248-249 in the South. Feeder cattle futures are showing $4. To $4.50 gains across the front months on Tuesday. The CME Feeder Cattle Index was up $1.17 to $375.08 on February 13. Monday’s OKC feeder cattle auction showed sales on 6,698 head, with price action steady to $4 higher for feeder steers and $5-10 higher on heifers.
Commitment of Traders data from CFTC showed a total of 5,897 contracts cut from the spec fund net long position as of 2/10, taking it to 108,634 contracts in live cattle. In feeder cattle futures and options, managed money trimmed back 273 contracts from their net long to 16,162 contracts by Tuesday.
Wholesale Boxed Beef prices were mixed in the Tuesday morning report, with the Chc/Sel spread widening to $5.55 Choice boxes were down 86 cents to $366.91, while Select was 14 cents higher at $361.37. USDA estimated Monday’s federally inspected cattle slaughter at 87,000 head. That is 20,000 head above last Monday and 4,880 head below the same week last year.
Feb 26 Live Cattle are at $246.600, up $3.525,
Apr 26 Live Cattle are at $242.850, up $2.225,
Jun 26 Live Cattle are at $238.400, up $2.250,
Mar 26 Feeder Cattle are at $370.575, up $4.425
Apr 26 Feeder Cattle are at $367.700, up $4.250
May 26 Feeder Cattle are at $363.500, up $4.075
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.
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