Cattle Fall on Friday as Cash Takes a Breather
Live cattle futures posted Friday losses of $3.10 to $4.50, as pressure from a weaker equity market added to a risk off approach. June slipped back $1.20 this week. Cash trade has been reported at $235 in TX and $233-238 KS so far this week. Northern trade was $380 dressed and $240-242 trade in NE, steady to $2 lower than last week. Feeder cattle futures were heading lower into the Friday close, losing $4.75 to $5.10, with August down $3.72 over the course of the week. The CME Feeder Cattle Index was up $1.25 on June 12 with an average price of $317.10.
Commitment of Traders data from Friday afternoon showed managed money at a net long of 137,836 contracts in live cattle futures and options as of June 10th, an increase of 6,031 contracts. Spec traders in feeder cattle futures and options added 1,135 contracts to their record net long of 35,962 contracts by Tuesday.
USDA’s National Wholesale Boxed Beef prices were higher on Friday afternoon, with the Chc/Sel spread at $14.38. Choice boxes were up another $1.16 at $377.88, while Select was quoted 43 cents higher at $363.50/cwt. USDA’s Federally inspected cattle slaughter for this week was estimated at 558,000 head. That is 24,000 head below the week prior and 57,083 head below the same week last year.
Jun 25 Live Cattle closed at $225.100, down $3.100,
Aug 25 Live Cattle closed at $212.450, down $4.500,
Oct 25 Live Cattle closed at $209.925, down $4.425,
Aug 25 Feeder Cattle closed at $306.425, down $4.825,
Sep 25 Feeder Cattle closed at $305.600, down $4.950,
Oct 25 Feeder Cattle closed at $303.350, down $5.100,
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.