Cattle Traders Look to Come Out of Long Weekend

The market will resume trade at 8:30 am CDT following Monday’s break for Labor Day holiday. Live cattle futures posted losses of 52 cents to $1.40 on Friday, though October held up $1.22 for the week. Open interest was down just 67 contracts.  Cash trade saw light action last week with sales ranging from 218-220, with a few up to $222. Feeder cattle futures saw mixed trade, with contracts down $1.02 to 85 cents higher. September was up $3.92 last week. Open interest dropped 1,573 contracts on Friday. The CME Feeder Cattle Index was back up 53 cents on September 3 to $328.80.

CFTC Commitment of Traders data showed managed money slashing another 9,527 contracts from their net long in live cattle futures and options, taking it to 47,914 contracts by Tuesday. In feeder cattle, specs added 1,213 contracts to their net long, at 7,508 contracts as of 9/1.

Wholesale Boxed Beef prices were mixed in the Friday afternoon report, with the Chc/Sel widening to $20.30. Choice boxes were down 73 cents at $376.17, with Select $5.15 higher to $355.87. USDA estimated the weekly Federally inspected cattle slaughter at 526,000 head, down 16,000 head from the previous week.

Oct 26 Live Cattle  closed at $212.950, down $1.350,

Dec 26 Live Cattle  closed at $214.725, down $1.400,

Feb 27 Live Cattle  closed at $216.575, down $1.150,

Sep 26 Feeder Cattle  closed at $324.825, down $1.025,

Oct 26 Feeder Cattle  closed at $320.150, down $0.950,

Nov 26 Feeder Cattle  closed at $314.725, down $0.575,

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.