Live cattle saw Friday gains of $1.50 to $2.50, with February up $1.90 this week. The Friday Fed Cattle Exchange online auction showed $242-243 sales on 761 of the 1,602 head offered. Cash trade picked up to $240-241 in the north and $242-245 in the south. Feeder cattle futures were up 90 cents to $3.35 in the front months on Friday, with March up $7.15 this week. The CME Feeder Cattle Index was back down 69 cents to $374.47 on February 5.
The weekly Commitment of Traders report showed a total of 8,846 contracts added to the managed money net long position in live cattle futures and options as of 2/3, taking the net long to 114,531 contracts. In Feeder cattle futures and options, specs were trimming 194 contracts from the spec net long to 16,435 contracts.
Wholesale Boxed Beef prices were higher in the Friday afternoon report, with the Chc/Sel spread narrowing to $4.80. Choice boxes were up $2.08 to $369.33, while Select was $4.16 higher at $364.53. USDA reported federally inspected cattle slaughter for this week at 536,000 head. That is 8,000 head above last week but 46,606 head shy of the same week last year.
Feb 26 Live Cattle closed at $237.750, up $2.500,
Apr 26 Live Cattle closed at $237.250, up $1.650,
Jun 26 Live Cattle closed at $233.850, up $1.650,
Mar 26 Feeder Cattle closed at $367.425, up $3.350,
Apr 26 Feeder Cattle closed at $362.800, up $2.300,
May 26 Feeder Cattle closed at $357.125, up $0.925,
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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