Cattle Fall to Close Out October

Live cattle futures were pressured by month end selling and a sharply lower equity market on Friday, closing $3.27 to $5.35 lower. December fell $10.17 on the week. Cash trade was reported by USDA at $224-225 live this week, with a few leaking towards $220. The Friday morning Fed Cattle Exchange online auction showed no bids on the 2,636 head offered. Feeder cattle futures fell $8.70 to $10.57 on Friday, with November down $10.35 on the week. The CME Feeder Cattle Index was back down 17 cents on October 29 to $351.26. 

CFTC data showed managed money at a net long position of 56,017 contracts as of Tuesday in live cattle futures and options, an increase of 4,874 contracts. CFTC data showed speculators in feeder cattle futures and options adding 2,909 contracts to their net long position as of October 27th to 13,353 contracts.

Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel at $12.68. Choice boxes were down $2.62 to $364.66, with Select 35 cents higher to $351.98. USDA estimated Federally inspected cattle slaughter for this week at 543,000 head. That was down 3,000 head from the week prior and 14,322 head below the same week last year.

Oct 26 Live Cattle  closed at $224.000, down $3.275,

Dec 26 Live Cattle  closed at $220.950, down $5.350,

Feb 27 Live Cattle  closed at $224.200, down $5.275,

Nov 26 Feeder Cattle  closed at $337.775, down $8.700,

Jan 27 Feeder Cattle  closed at $331.775, down $10.175,

Mar 27 Feeder Cattle  closed at $327.275, down $10.500,

On the date of publication, Austin Schroeder did not directly have a position 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.