Live cattle futures were up $1.45 to $1.60 in most front months on Wednesday, with in delivery December down a tick. There were 15 deliveries retendered at 1 cent and 15 at 2 cents on Wednesday. Cash trade has been quiet so far this week, with some bids picked up in the north at $225-227. Feeder cattle futures closed with gains of $2.40 to $2.90 at midday. The CME Feeder Cattle Index was back down 47 cents to $344.03 on December 9.
Another backlogged Commitment of Traders report from Wednesday showed managed money trimming another 7,083 contracts from their net long position in live cattle futures and options the week ending on 11/10, taking it to 101,265 contracts. In feeder cattle futures and options, spec funds were trimming another 470 contracts from their net long, taking it to 17,293 contracts.
USDA Wholesale Boxed Beef prices were lower in the Wednesday afternoon report, with the Chc/Sel spread widening to $14.48. Choice boxes were down $1.68 to $359.36, while Select was $3.15 lower at $344.88. USDA federally inspected cattle slaughter was estimated at 123,000 head for Wednesday, with the weekly total at 361,000. That was 7,000 head above last week and 2,256 head shy of the same week last year.
Dec 25 Live Cattle closed at $226.800, down $0.025,
Feb 26 Live Cattle closed at $228.525, up $1.575,
Apr 26 Live Cattle closed at $228.375, up $1.475,
Jan 26 Feeder Cattle closed at $338.375, up $2.875,
Mar 26 Feeder Cattle closed at $332.825, up $2.675,
Apr 26 Feeder Cattle closed at $331.900, up $2.425,
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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