Cattle Close with Weakness on Monday, as Feeders Hold Stronger
Live Cattle futures closed the Monday session with contracts clipping back another 25 to 72 cents. Cash trade pulled back last week with $236 ($376 dressed) reported in the north, down $4-6 and $228-231 in the south, $5 lower. Feeder cattle futures closed with slight 35 to 50 cent gains on Monday. The CME Feeder Cattle Index was down 14 cents @ $310.85. The weekly OKC feeder cattle auction showed an estimated 4,422 head sold. Prices were steady for steers, with calves down $5-10.
The delayed Monday afternoon Commitment of Traders report showed managed money trimming 2,586 contracts from their large net long position in live cattle futures and options to 135,250 contracts by last Tuesday. In feeder cattle, they cut just 104 contracts from their large net long position to 35,858 contracts by June 17th.
National Wholesale Boxed Beef prices were mixed on Monday afternoon, with the Chc/Sel spread tightening down to $7.12. Choice boxes were down 28 cents to $390.22, while Select was quoted $6.15 higher at $383.10/cwt. USDA’s Federally inspected cattle slaughter for Monday was estimated at 111,000 head. That is 8,000 head above the Monday prior but 2,292 head below the same Monday last year.
Jun 25 Live Cattle closed at $222.300, down $0.725,
Aug 25 Live Cattle closed at $209.375, down $0.450,
Oct 25 Live Cattle closed at $207.100, down $0.250,
Aug 25 Feeder Cattle closed at $302.800, up $0.350,
Sep 25 Feeder Cattle closed at $302.625, up $0.400,
Oct 25 Feeder Cattle closed at $300.850, up $0.500,
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.