Cattle Slipping Back on Monday

Live cattle futures are 30 to 62 cents lower so far on Monday. Cash trade saw some $222-223 live and $345 dressed action in the North last week. Feeder cattle futures are slipping back 80 cents to $1.57 at midday. The CME Feeder Cattle Index was 34 cents higher on October 8 to $337.07. The Monday OKC feeder auction has an estimated 5,800 head for sale, with early demand noted as good.

Commitment of Traders data from Friday indicated managed money trimming just 384 contracts from their net long position in live cattle futures and options in the week ending in 10/6, taking it to 50,920 contracts. In feeder cattle futures and options, specs were adding back 1,149 contracts to their net long at 8,787 contracts as of Tuesday.

Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel at $20.51. Choice boxes were down $1.93 to $375.28, with Select 47 cents higher to $354.77. USDA estimated Federally inspected cattle slaughter for last week at 531,000 head. That was up 17,000 from the week prior but 20,329 head below the same week last year. 

Oct 26 Live Cattle  are at $224.575, down $0.400,

Dec 26 Live Cattle  are at $226.425, down $0.625,

Feb 27 Live Cattle  are at $229.175, down $0.300,

Oct 26 Feeder Cattle  are at $342.300, down $1.550

Nov 26 Feeder Cattle  are at $340.375, down $1.575

Jan 27 Feeder Cattle  are at $335.475, down $0.875

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.