Live cattle futures pulled off the lows on Friday by $2 to $3, with contracts closing 42 to 97 cents lower. December was $6.90 lower last week. Open interest suggested long liquidation, down 1,834 contracts. Cash trade has been active at $218 in the South, with a few creeping in at $215 late, and $214-216 in the North, with $210-212 late sales. Feeder cattle futures were down $1.55 to $2.15 at the close, but more than $6 off the lows. November still closed with a $15.45 loss for the week. OI was down 496 contracts on Friday. The CME Feeder Cattle Index was back down $5.35 on November 5 to $337.41.
The CFTC Commitment of Traders report showed spec traders in live cattle futures and options cutting back 4,325 contracts from their net long to 51,692 contracts. In feeder cattle futures and options, managed money cut back 2,051 contracts from their net long to 11,302 contracts.
Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel at $7.23. Choice boxes were down 77 cents to $360.79, with Select $1.24 higher to $353.56. USDA estimated Federally inspected cattle slaughter for the week at 534,000 head through Saturday. That was down 7,000 head from the week prior and 34,948 head below the same week last year.
Dec 26 Live Cattle closed at $214.050, down $0.350,
Feb 27 Live Cattle closed at $217.200, down $0.425,
Apr 27 Live Cattle closed at $219.850, down $0.575,
Nov 26 Feeder Cattle closed at $322.325, down $2.725,
Jan 27 Feeder Cattle closed at $318.375, down $1.950,
Mar 27 Feeder Cattle closed at $313.850, down $2.075,
On the date of publication, Austin Schroeder did not directly have a position 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.