Live cattle futures posted positive trade on Friday, with contracts up anywhere from 20 cents to $1. Cash trade kicked off on Friday, with some action at $186 reported in the South, up $1 on the week. Northern action was $296 in the beef up $2 from the previous week. Feeder cattle futures found some strength amid the weaker corn and stronger fats, with contracts up 45 cents to $2.225. The CME Feeder Cattle Index was down $1.47 at $246.78 on October 3.
CFTC data pegged speculators in live cattle futures and options adding 11,180 contracts to their net long position as of 10/1 at 63,404 contracts. In feeder cattle they added another 3,674 contracts to their net long at 5,701 contracts.
USDA wholesale Boxed Beef prices shot higher in the Friday PM report. Choice boxes were up $2.78 to $302.58/cwt, with Select $4.32 higher @ $287.61. The Chc/Select spread narrowed to $14.97. USDA estimated this week’s federally inspected cattle slaughter at 611,000 head. That is 1,000 head below the previous week and down 16,495 head from the same week last year.
Oct 24 Live Cattle closed at $187.000, up $1.000,
Dec 24 Live Cattle closed at $187.000, up $0.600,
Feb 25 Live Cattle closed at $187.950, up $0.200,
Oct 24 Feeder Cattle closed at $249.625, up $0.650,
Nov 24 Feeder Cattle closed at $249.275, up $1.150,
Jan 25 Feeder Cattle closed at $244.375, up $1.825,
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