Live cattle futures are down $1.85 to $2.10 at midday. A few cash sales in the north have been reported at $215-220 this week, with most on the higher side of that range, and $224 in the South. The Thursday morning Fed Cattle Exchange online auction showed $340 dressed sales on 40 head of the 1,748 head offered and bids of $220-223.50 live. Feeder cattle futures are down $4.50 to $5.50 across most contracts on Thursday as the pressure continues. The CME Feeder Cattle Index was back up 56 cents to $340.02 on November 18.
Beef export sales totaled 18,846 MT in the week ending on 10-2, the 4th largest total for the year. Shipments were tallied at 12,995 MT.
CFTC data was released on Wednesday afternoon, from before the big selloff for the week of September 30. Managed money cut back 8,791 contracts from their net long as of the end of September to 116,112 contracts. In feeder cattle, speculators were trimming 752 contracts from their net long position to 23,575 contracts on 9/30.
A Reuters survey of analysts is looking for October placements to be tallied 7.9% below last year, with marketings seen down 7.6%. November 1 on feed is seen 2.2% below last year. The report will be released on Friday.
USDA Wholesale Boxed Beef prices were mixed in the Thursday morning report, narrowing the Chc/Sel spread to $17.10. Choice boxes slipped 29 cents to $370.94, while Select was 29 cents lower at $353.84. USDA federally inspected cattle slaughter for Wednesday was estimated at 120,000 head, with the weekly total at 357,000 head. That 6,000 head above last week but 15,451 head below the same week last year.
Dec 25 Live Cattle are at $214.425, down $1.875,
Feb 26 Live Cattle are at $215.275, down $1.975,
Apr 26 Live Cattle are at $215.725, down $2.075,
Nov 25 Feeder Cattle are at $340.675, down $1.175
Jan 26 Feeder Cattle are at $316.075, down $5.375
Mar 26 Feeder Cattle are at $308.425, down $4.975
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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