Live cattle futures were up by 45 to 82 cents on Friday. That extended the gain for the October contract to $2.35 for the week. USDA confirmed another day of solid cash market volume on Friday. Prices were mainly near $178-$179 for TX, which is even wk/wk. Northern business was near $185, which was steady to $2 weaker from last week. Feeder cattle futures ended Friday trading with $0.45 to $1.12 gains on the board. Sep was at a net $2.67 gain for the week, while Nov was up a net $3.97. The CME Feeder Cattle Index increased 39 cents on 8/23 to $245.14.
The weekly CoT report showed the managed money spec fund net long at a 21-wk low of 89.7k contracts. The spec traders also reduced their net long in feeders through the week, 1,309 contracts lighter to 12,378 contracts as of 8/22.
USDA cited Wholesale Boxed Beef prices at $317.90 in Choice and $292.67 in Select in the Friday afternoon report. That was a 27 and a 76 cent increase respectively. The ribs were quoted at $519.50 and $419.73 into the last weekend before the Labor Day holiday. USDA estimated the week’s FI cattle slaughter at 626k head for the week through Saturday. That is up 10k head from last week, but down 52k head from the same week last year.
Aug 23 Cattle closed at $180.675, up $0.825,
Oct 23 Cattle closed at $181.175, up $0.450,
Dec 23 Cattle closed at $185.125, up $0.600,
Aug 23 Feeder Cattle closed at $247.625, up $1.125
Sep 23 Feeder Cattle closed at $251.200, up $0.450
On the date of publication, Alan Brugler 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.
