Cattle Rallying on Monday

Live cattle futures are showing gains of $2.25 to $2.85 at midday.  Cash from last week showed sales $1-6 higher than the previous week at $222-225. Feeder cattle futures are up $4.60 to $5.65 across the front months The CME Feeder Cattle Index was back up $2.26 on September 10 to $331.22. 

Commitment of Traders data from CFTC showed managed money in live cattle futures and options trimming just 664 contracts from their net long in the week ending on September 3, taking it to 47,250 contracts. In feeder cattle futures and options, spec traders cut 727 contracts from their net long, with a net position at 6,781 contracts on Tuesday.

Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel widening to $24.44. Choice boxes were down $2.71 at $378.65, with Select $1.08 higher to $354.21. USDA estimated the weekly Federally inspected cattle slaughter at 505,000 head. That is well shy of the same non-holiday week last year and 21,000 head below last week.

Oct 26 Live Cattle  are at $222.200, up $2.525,

Dec 26 Live Cattle  are at $225.075, up $2.850,

Feb 27 Live Cattle  are at $226.250, up $2.250,

Sep 26 Feeder Cattle  are at $343.475, up $5.650

Oct 26 Feeder Cattle  are at $337.625, up $5.125

Nov 26 Feeder Cattle  are at $332.800, up $4.625

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.